Ann: Hancock Energy - Notice of Status of Defeating Conditions, page-9

"It will delicious if the Scotsmen only get 28 cents"

and I reckon that every day that goes by without an increase in either of the takeover bids, means its more likely that Hancock will not reach their 40% threshold.

IMHO it would not make sense for STX to hand over their holding in WGO to either H or MIN - it would just defeat the purpose of them bidding in the first place.

So the only avenue for H then to get to 40% would be if MIN accepted into H bid.
But MIN paid 39c+, so why would MIN agree to accept a lesser 36c for their shares?
So H would need to increase their bid to say 40c, just to entice MIN.

So I think you are right that H will just sit back and happy with the knowledge that they only paid around 28c for their shares, yet MIN was prepared to pay 36c.

if there are any shares left after all the bids close, then H can buy on-mkt and slowly creep up the WGO register over time.
26% does give H a big seat at the table.

If STX and H do not get control, then WGO will need to fund the extra development and drilling of EP469, and I don't think they have the cash for that. WGO has the cash for the initial funding of WE infrastructure, but not the funds to drill the new wells announced by STX for EP469.

SO WGO will need to fund-raise - usually by a CR. H could maybe underwrite a CR, and creep up register.

H could also provide project funding or straight debt funding to WGO.
They are cashed up, so gives them plenty of options.

All just IMHO.