merger details out, page-201

Fascinating, nursery. Great example of profiting from market inefficiencies (a significant factor in investment performance).

The only "monkey wrench" in this switching strategy might be where you happen to be holding mostly SEA shares (because it's undervalued compared to TXN) and TXN gets a better offer from another source. TXN would suddenly rise even further and SEA might fall in value.

But I think another offer for TXN has minimal likelihood due to tax issues with cash offers, time/cost issues with 10 lease obligation wells, and the effect of SEA's rising price on the value of its deal.

Speaking of lease obligation wells, agentm your point is well taken that TXN has/had choices to address this situation. TXN could have had farmouts, funded later wells from revenue of the first few wells, etc. But they chose the SEA acquisition instead, for whatever reason.

As I posted earlier, I'm leaning towards Hotfire's prediction of 50 cent or more sp (as SEA's sp rises to $1) before the deal is completed. Maybe biased hope, but SEA is getting more analyst attention (and some US news), and it may surprise us with positive production or exploration news before yearend.