Even before Monday’s announcement that John Fredriksen was walking away from an attempted merger between his Frontline and tanker giant Euronav of Belgium, some were already souring on the deal.

Most of the disenchantment came from investors and analysts who were bullish on Frontline and saw how the proposed combination had affected shares of the two companies: Euronav finally shedding its historic discount to net asset value and Frontline seeing its premium slip.