I hold Beach so call me subjective but here is how I see it. ITC clearly have no funds to embark on the drilling campaign which will cost millions. The one who has most to lose if the BPT offer is not enough is Eddie and he is in support. If BPT pull the bid, which they can becuase the have an option on the shares a few actual shares, then ITC price falls short term and stays low post CR which they will need.
sure its true ITC permit may be very prospective, but prospective = risk
Look at COE, STU, and BPT itself, the market doesnt price in anything for their CB permits, they only price in value when they find oil. So based on ITC's current reserves/resources its a fair offer imo
Ok - I am now ready to be attacked by the ITC faithful :-)
ITC Price at posting:
7.8¢ Sentiment: None Disclosure: Not Held
