PBN is a buy at these levels and very attractive as a take over candidate. One very possible suitor would be Crescent Point CPG, PBN would be a very nice fit for CPG, it's NAV is about $29, I feel should it happen it would be a share exchange deal, a consequence of this would be PBN shareholders would end up getting higher dividends, I would not see the company going for less then $20 a share.  


We may have seen the first sign of this in the share purchase and farm in deal with ARN by PBN, which CPG holds a 20% interest in.


PBG has a large amount of it's shares being held by institutions such as Fidality, MacKenzie and the Canadian Pension Plan, they along with other shareholders that will soon be receiving PBN shares, will be acting along with others in PBN to get the best possible deal should anyone try to take over the company.