why sell at 202, page-8

That would make sense. Has to be Tullow sitting on 202 absorbing all the shares. Since there's nothing really there to seriously threaten their position (ASIC unlikely to stop the bid cos there's no national interest at risk), it would make sense for them to start absorbing the shares now. Once they got their 20% stake, they then go into compulsory acquisition mode, which is where they are at anyway. I'm just surprised that they didn't try to absorb 20% at cheaper price before announcing their intention.

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