If CNOOC decide to bail out, is Chevron 16 billion deal written in stone, or that 16 billion is the good faith estimate based on UCL's price at that time?
If 16 billion is not fixed, then I don't see how UCL is going to sell for 16 billion. I don't care whether the premium is already built into the price(I don't believe it anyway). I just know as of today, UCL's price is over 16 billion.
I have never seen a company that is sold under its current market value. 20% on top of that easily, especially for red hot oil stocks.