After $CWEI ran higher by 530% over the past years, the idiots from $NBL decided to take the company over in a massive cash/stock offer — valuing the shares at all time record highs.
With oil in the $50s and natty in the dumps, nothing can justify this idiocy.
Noble Energy ($NBL) said on Monday it would buy Clayton Williams Energy ($CWEI) for about $2.7 billion in a cash-and-stock deal.
Under the deal’s terms, Clayton Williams shareholders would receive 2.7874 shares of Noble Energy common stock and $34.75 in cash for each share of common stock held.
Nevertheless, this should provide a bounce in the oil sector, considering the takeout price and the fervor by which Noble conducted themselves. Many people will be led to believe Noble knows something we don’t, when in fact, they’re just a company stocked with abject fools.
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brilliant. buy high, sell low soon afterwards?
I can tell you from first hand experience, that Noble is indeed managed by morons.