Wouldn't be at all surprised if they pulled the deal due to "market conditions". Underwriters will have to price new shares at a discount to tonite's close....RTQ 4.91. Of course, net to Magnum will be less than offering price due to placement fee's etc.
What would it cost to pull the stock offering and not go through with the Baytex deal? Is that even possible at this point? The deal was announced on March 22; the stock was trading at about $7.20 at the time. It has been a pretty steady fall ever since.
On the other hand, the stock tumbled into the 2s last summer/fall, and rebounded nicely afterwards. This drop could easily be as idiotic as that one was.