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Gulf Keystone gets hostile $300 million bid from DNO - market gets it all wrong (again)

By Tom Winnifrith | Friday 29 July 2016


Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.


Gulf Keystone (GKP) says that it is considering a hostile bid from Norway's DNO which comprises $120 million of cash and $180 million of shares. Given that DNO will be taking on a net $100 million of debt, post the restructuring the offer is remarkably generous but not half as generous as the market implies.

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