Not sure about Pure but BOW I certainly didn't think much of, I...

Not sure about Pure but BOW I certainly didn't think much of, I think holders were lucky to get the pittance they did. But that was right at the end of the M&A cycle and I think it everyone soon realised it was a dud, including the buyers.

WCL got down to 12c, which even I would consider a buy. As you say, the market can definitely misprice - but in both directions. I know when I first started following WCL on HC, there would have been mass outrage at anyone suggesting a takeover offer at 36c!

Interestingly, if WCL went for the same $/GJ 3P metric that Pure did (which was 41c/GJ), it would be worth $360M, or three times the current SP.

I don't think that is likely (as you said BG no doubt realise now they overpaid), but BOW went for 15c/GJ for the same sort of ground as WCL has, so that might be a more relevant comparison. Funnily enough that would value WCL at $130M which is exactly its current MC.