or they will bring in a bigger company like Encana to buy them out and increase their oil weighting, and PBN will make money on their investment.

the question is what is the takeover price?

it has to be in the 4-5 range, but that's a big range.  I would prefer 5 but I don't think they will offer that, maybe start at 4.35-4.50 with an all cahs offer.

either way, TOL is a hold until we get more information on potential suitors.