At this point there is no way to know if 1) will a deal only be for Tesoro? 2) will someone want the entire company and all it's assets IMO if it is only Tesoro that is sold then the company will have a huge amount of cash which in all likelihood will be paid out in the form of a special dividend less some amount to be kept by the company to prove up other properties. If it is number 2 then the share price will appreciate to the approximate level of the offer. IMO there is no dividend possibility in this scenario. We will each have to decide whether or not to sell, tender our shares to the offer or hold them, hoping for a bigger offer Phockey