BTO's bid made a complete mockery of LRR's earlier offer. Central Sun has some good prospects for 2009 and it's not surprising that BTO shareholders seem to be applauding the bid (looking at the current share price) and that LRR shareholders seem to be disappointed, fearing either a renewed, substantially higher bid, or a bail.

I have the feeling we'll see more of these bidding wars in the coming months and the premiums paid will rise and rise. So far, as a BTO shareholders, the price offered for Central Sun seems pretty fair to me.

And yes, the ex-Bema management know what they're doing.