Wednesday, July 12, 2006

Bidding heats up on Canada Southern Petroleum

Sometimes corporate acquisitions are simple - a done deal at midnight. Sometimes the card playing moves on into the wee hours of the morning. Canada Southern Petroleum (TSX:CSW) seems to be holding the cards on its potential acquisition. The bidding for CSW has been raised to US$13 as PetroCanada (TSX:PCA) gets more aggressive in its interest in CSW. PCA's original May bid of US$7.50 has now been raised 73% thanks to active interest from Canadian Oil Sands Trust (TSX:COS.UN) and Canadian Superior Energy (TSX:SNG).
The original buyout offer triggered a Stock Trends Portfolio buy of CSW on June 8th at CDN $10.18. CSW trades 15% up today at CDN $15.17. Trading on the news sometimes pays off when the news just keeps coming. It's always nice to be wanted.... CSW shareholders are enjoying the popularity of the day.
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