Ann: Response to Media Coverage - Non Binding Indicative Proposal, page-64

Hey Hardcash,
I think Strike has put in a Clayton's bid just to get an initial (lowball) offer on the table, without actually making a formal offer. It's quite clever really, as people are thinking about what price they will accept, and it will make any demerger talk (of Mongolian assets) less jarring. I think the actual offer will be closer to 25 cents, which people will think "great, another 25 percent" even though the original offer was never really made. I'm expecting another scrip offer.
Much more at peace with a 25 cents (plus Mongolian assets) from Strike than from a Min or Santos, as the upside of holding the latter is far less.
I also don't think we should rule out that Colby and SN aren't on the same page with this whole thing.
I can only imagine if there have been cost overruns, putting in question TPD's ability to fund its share, then this will have been discussed. At which point, Strike wouldv'e said, "we've got more than enough cash."
Also, if TPD want to avoid another CR, any takeover process will need to be pretty quick. Feel like this Clayton's offer is designed to speed things up as much as possible.