It still seems as though Total, XOM, OSH and all others are pricing IOC well below intrinsic value maybe not market value. It is the marketplace and who an steal the asset for the best price. Shareholders as usually are hosed. $4.4 billion or over $80 per share would be palatable. Otherwise they steal the assets at a ridiculous low price and we have no one in the Director's Chair arguing for us. That is why we are hosed and why MH and the BOD are not seemingly doing their fiduciary responsibility to we the owners of the company. If you look at today's price you could sell today without dealing for the Australian dollar and get one and one third CVR's worth out of the deal.
On another note, why have we not heard a word. Are there not bylaws that require informing the shareholders when another bid is pending and that most of us think is superior. What is the holdup?
Finally originally Yahoo took me to another strange looking page are they remodeling again. It did not look better.
The BOD has a big role in this debacle. They are not giving Findlayson any of the grief and the BOD deserves much of the issue with MH. They were not independent they marched to whatever MH wanted. Really a deceptive and unscrupulous deal here.
We can only hope the dynamics have changed and XOM is making the initial offer BS in the rear view mirror. And I noted one of the bankers is still stating the OSH bid is full in. That guy needs to be schooled.