Stocks quoted in this article:
Barrett Resources (BRR – 62.90) announced late Thursday that they rejected Shell's (RD – 60.53) offer to buy the company for $1.8 billion or $55 per share. BRR said that it would seek proposals from a number of groups rather than deal with Shell alone. The board is currently urging shareholders to do nothing at this time. When RD made the offer, they did warn that they could make a hostile offer is the bid was not accepted.
Already up over two percent this morning, BRR gapped higher again, reaching another new high. BRR typically see very light option activity, but the stock's April 60 call is seeing some heavy action, with more than 1,000 contracts changing hands.