The story I read in the National Post is that 2% of Bay Street rumours come true, so I tend to focus on the higher probability issues like reserves, production etc. I worked at Murphy Oil when they set up a data room for divesting most of the company. Since we knew all the companies that went through the room, there was much speculation about what it would be like working for what were considered the frontrunners.

Surprise, surprise, out of nowhere Pengrowth submitted the winning bid. They never even entered the dataroom and did all their calculations some other way.