SANTOS don't need to increase any offer, the deal is binding in the absence of a superior proposal.
It is just possible, actually very likely in my opinion, ESG were bullied into this outcome from SANTOS. Bullied and offered sweeteners at the same time.
A rival bidder can scrape together a couple of Billion $$$ and make a joke out of the SANTOS deal, especially after the reserves upgrade.
If I was SANTOS I would do the same thing. The only thing which will cruel it for them is the up and coming alternate proposal.
ESG Price at posting:
84.5¢ Sentiment: Buy Disclosure: Held
