Think it is the latter but some market participants are trying to dress it up as the former.
IMHO DOW's go at SPO had a nice risk return and was entirely rational:
DOW and Fenn wanted to stop being a $6- $7, $2.5 odd billion company and wanted to be a much larger more diverse one.
With that appetite, comes more risk and more return.
IMHO it is small minded and disingenuous to then criticise Fenn for attempting to shoot for a company worth well above the $2.5 - 3 billion and increase the SP, EBITDA and growth rate significantly more than possible based on the old DOW.
An alternate view, page-7
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$5.76 |
Change
0.050(0.88%) |
Mkt cap ! $3.626B | |||
| Open | High | Low | Value | Volume |
| $5.75 | $5.81 | $5.69 | $4.241M | 737.5K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 2 | 11134 | $5.73 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $5.76 | 9983 | 4 |
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