I don't know what Chandler or any other major holder would accept but 14 million shares have changed hands the last two days at or below $60. At what price are those buyers willing to sell? $101, $121, $131? Any of those figures are a very handsome return for a short term investment. I have been a patient long for years and have followed the bouncing ball closely. I have seen many long term projections and believe Hession is on the right track but it is no great leap that last Friday put the company within reach for a Total led consortium if they are so inclined. The window may close quickly but the opening is there, IMHO.
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Let's remember that one SM will not let another get away with a steal. Numbers from $101 - $131 are likely too low to be the final buyout number once other bidders enter the fray. Our poll last spring/summer came out to an average number around $280 to make SHU members "happy." I doubt we would get anywhere near that, but I a final number near $100 also seems quite unlikely, despite today's pps. Ironically (and sadly for many here), it might be this truly high intrinsic value that keeps any takeover from happening even at these levels, as despite whatever low initial bids seems to make sense, the buyout price probably rises dramatically, thus scaring everyone off from even trying to buy the company on the cheap.