ExxonMobil pps dips

[2126]

ExxonMobil pps has dropped 10% since the Exxon bid was declared 'superior' on July 18th. Exxon price was then $94.82, and it is currently $85.42 [a drop of $9.40 or 10%]. This is good news for IOC shareholders as we will obtain 10% more share value in Exxon shares as a result, should the share price hold at around this level for the next week or so and, of course, should the deal pass the 66.7% approval mark next week.

[johnwgrant]

Since it is the 10 day average price ending the 2nd day prior to the closing date, the key is: what is the closing date ???

If it is the end of September as some have suspected based on the Yukon court calendar, then roughly the last 2 weeks of this month will be used in the calculation.

I certainly like this deal (vs the OSH deal) in that we get a 'currency' (XOM stock) that can be easily sold without moving the market, and, it is 'fixed' $45 - not a fixed number of shares (as was the 1st offer).

That being said, it would not hurt my feelings if the final vote was "NO" - but, I am resigned that IOC is gone.

And, not to beat a dead horse, I hold Hession responsible for the fire sale since all the time he claimed that IOC was "cashed" up and to expect the big check from TOTAL, he knew at some point that it was going to drag out. And, much of the dragging out of the time line was directly related to drilling issues - which he owns!!!! (much as he wants to pin it on substandard equipment).

[Putncalls]

I think I got bashed for saying such things. This is a nice dip for the fire sale. I wish we had more info on the RF issue.

[Kaliboo]

ExxonMobil pps has dropped 10% since the Exxon bid was declared 'superior' on July 18th. Exxon price was then $94.82, and it is currently $85.42 [a drop of $9.40 or 10%]. This is good news for IOC shareholders as we will obtain 10% more share value in Exxon shares as a result, should the share price hold at around this level for the next week or so and, of course, should the deal pass the 66.7% approval mark next week.

Thanks to market impacting comments by the Fed heads and the IEA plus other value destroying projections yet to come,  we may end up getting more XOM shares for the $45 offering than we ever dreamed possible.  It is Dreaded September.