Re: O’Hara May Consider Pacific Rubiales Bid Above $7.11 a Share
I think it's clear now that the $7.11 bid won't fly. It depends on how close they are to the two-thirds needed as to how much of an improved bid comes along. I suspect they might add a dollar to the bid, but would be unwilling to go higher. But if they are quite far away from getting the needed votes they may conclude that even the max they are willing to pay won't be enough to bridge the gap and just walk away. Alternatively, if they are fairly close then an improved bid might be coming.
I'll add that PRE management, who I held in high esteem prior to this for their energy, execution, imagination and creativity, have sullied their reputation with this deal, and all management has of value is their reputation. Squandering their reputation is probably something they'll regret in the end.