insideman,
3 scenarios:
A) SELM succeeds & a deal is reached with JINDAL.
B) JINDAL makes a higher bid.
C) Nothing happens & status quo prevails.
However, we know that SELM is interested...JINDAL is interested...We also know that IRC is worth upwards of 50c/s...Why should it be trading @ 0.35?
The value will eventually be realized...How long will it take?..A hard one to answer.
Ann: Market update - SELM Proposal , page-10
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