The ACCC rejected both STO offers so it's really a moot point. At the time the stated 2p was 420pj although QGC argued that it should've been 695pj and was in line to become 1000pj later in the year , hence the boards rejection of the offer. Also , AGL purchased an effective blocking stake for about $1.44 ( later sold to BG for a substantial profit ) which proved to be pivotal in the eventual takeover.
I believe that STO had a market cap of almost $8 billion at the time, although I'm not sure of how much debt they carried .
Reflecting on the QGC deal , even though there are a lot of differences to ESG , one comparison that is possibly relevant is that the longer the company survives the greater the market cap that it can achieve , therefore the greater return to the investor. Given this example and others i.e. AOE , SHG , BOW , there is no doubt imo that ESG management is adding value to the company over time . How the market values it on a day to day basis compared to how the market values it in the event of a major deal may prove to be two different things.
ESG Price at posting:
89.5¢ Sentiment: Hold Disclosure: Held