turnover and churn, page-7

jtaylor1

I agree with your assessment. I think it unlikely that any competing bidder is responsible for the volume. More likely rotation from STO to ESG as you postulate, and those who see little opportunity for a competing bid are reallocating capital. A couple of brokers in the space who I have spoken to over the last 48 hours don't think it likely that a competing bid will emerge and the fact that the ESG share price has stayed in a fairly tight range consistent with the STO offer suggests they are correct (at least for the time being). Also spoke to another close to the action who suggested that ESG ran a competitive process, lifting its skirt to a number of interested parties, but STO emerged with the best deal. That isn't to say that those other parties might not make a bid, but I would not bet the house on it. There is also some suggestion on the thread that STO will "up" the offer to be $0.50/gg 3P on the new 3P figure. I think that is highly unlikely. I would dearly love to be proved wrong.