And another question ... it seems likely that Total will have to up their bid somewhat. The news out from PetroCan, that they would "welcome the presence of Total in the partnership," is reassuring. It seems that PetroCan will not enter a bidding war, but it seems to me that Total would be more likely to go ahead with a bidding war, knowing that they have one less significant entity to fight against. Total has a history of raising their bid above the initial level. Analysts say that there will be a bidding war, but UTS will have to cave in the end.

So will the bids rise enough to raise the share price of UTS above $1.70? If so, would it make sense to sell a portion of Connacher (for the short term) and move it into UTS, in hopes of a gain in the coming week or so, and then move back to Connacher? Or would the percentage gain in Connacher (increasing on a rising tide) negate the benefits of that calculated risk?

This is something that I've been thinking about this morning.