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I don't know how raising the cash % will win the bid. Even if CVX does 100% cash offer without raising the bid, it is still a $60 cash offer, far below Cnooc's $67 cash offer.There is only one way CVX can get UCL, raising the bid.If oil goes up, UCL share price goes up, CVX has to raise the bid.If Oil goes down, then Cnooc'S $67 cash offer becomes far better than CVX's stock offer. (it might drop to $52).The CVX CEO is a joke. He still thinks he can steal UCL for cheap. No matter what is going to happen to the overall oil market in the near future, he's not going to get UCL.