The market is notorious for not valuing companies correctly. People think it is efficient but it is often the complete opposite. It has nothing to do with what the company was trading for prior to take-over. All that tells you is the market got it wrong - again.
I have spoken to quite a few people in the O&G industry and they all say AWE went too cheap in hindsight. Closer to 1 bil would have been more appropriate.
IMO
Ann: West Erregulla Update, page-20
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