So bids are due by midnight Sunday. I presume that EVEP will have their staff in the office and work all night evaluating bids. My question is what will EVEP do before the market opens on Monday. Will they announce the best deal? Will they also announce an estimate of the new value of their stock? I am hoping for a quick response as I have bought one October $85 call.
I like your optimism but I am in agreement with Statesrip. We will most likely see an announcement in a week or two. Finalizing the agreements, getting board approval, legal and tax counsel's blessing, etc. takes time. I would love them to make an announcement Monday and stranger things have happened but speaking from experience it can be like herding cats to get a deal nailed down. Fortunately, management and the bankers appear to have a good sense of what to expect from the bidders (Baird call management was confident an acceptable economic deal was at hand, recent IPAA conference no flags raised, and the WSJ article release) so the process should go relatively smoothly (keeping fingers and toes crossed). In addition, all of the parties involved are pros.
Hang tight. I am going to enjoy my Glenmorangie Lasanta!
I think that EV and Enervest want a deal as it allows them to get on with their normal program of work. All they need is for the suitors to be reasonable and take a long term vision as to what the properties are worth. It's not, as if, there is not a lot of money or liquidity available to the right buyer. This is just a unique situation with flexibility on both sides.