Why have they not decided whether to accept their own offer?
This was announced as PSE received an offer (ie. unsolicited buyout proposal) rather than PSE agreed to be acquired. However since bosses at PSE are also executives at PXD, it's a bit like saying 'we received an offer from ourselves but haven't yet decided whether to accept our own offer'.
'Is the offer real, or an attempt at price manipulation?'
That's what I'm really getting at.
Otherwise, since it is their own offer, why would they just say they received an offer rather than accepted an offer? How can they be unsure of the merits of their own proposal?
You will notice that the press release carefully says that " the chairman of the Conflicts Committee of the board of directors" received the buyout proposal, not PSE or the board as a whole. IMO there is an excellent chance that the board will make a show of holding PXD up for an extra dollar or two to minimize liability to the lawsuits that automatically get filed for every takeover.
They are going through the motions of considering the offer but it will happen
Seekingalpha PXD last conference call transcript search key word "hutt".
This horizontal well near PSE acreage. PSE is worth much more to PXD than to MLP holders if the parent drags their feet on drilling horizontals for PSE.
Bottom line is the partnership agreement was always worded so that PXD had an option of buying PSE back completely.
Not sure why the market thinks a higher number is likely on the share trade. Maybe because it is not a cash offer?
If PXD drops in price between now and when the deal closes is the only chance of getting a higher amount of shares IMO.