1. Today Denison investors are understanding the value of the waterbury property and the share price is up ....I thought it would rise yesterday.
2. I will be surprised if there is not an counter offer from Rio or Cameco
3. The FIS sp is hanging in at 77 with lots of bidders at 75. That tells me investors recognize that .355 of DML plus 1 share of NewCo (Patterson LK) is a decent deal when you consider the potential of PLS, the takeover potential of DML and the possibility of a higher offer for FIS.
4. Arbitrage will now start and the institutions will manipulate the sp of both FIS and DML.
5. This deal values NewCo at around 20 cents but there will be lots of news on PLS before April. I expect the NewCo sp to be considerably higher than 20.
6. I suspect that this is a low ball offer because both parties are trying to flush out a bid from Rio.