While the AOE sale price may have disappointed many, SB may have seen capitulation as the only pragmatic alternative at that point in time.
I'd be surprised if SB would be happy with this opportunisitic offer for BOW unless he foresaw a competitive auction that was likely to place more value on 3P reserves. (Perhaps BOW may be considering bulking up, with DTE's Aus assets?).
From the bidders perspective the tilt at BOW looks to be very well timed. From a shareholders perspective it stinks!
BOW Price at posting:
$1.44 Sentiment: Hold Disclosure: Held
