Noble Energy is buying ROSE for a 32% premium. Aside from the lunacy of BABA teaming up with ZU this weekend, this deal strikes me and also dumbfounds me.
ROSE is the biggest piece of shit in the oil patch. They’ve been striking out for years, missing one earnings estimate after the next. Without a doubt, this is going to stoke interest in real oil companies, like FANG, BTE and PDCE.
While I am not a fan of oil here, heading into the summer, I would not be surprised to see some names, like OAS, SN and AREX, go on a gorilla run because of this deal.
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