Ann: BPT: Entry into binding agreement with Warrego, page-3

I'm quite stupified by this.
After rejecting Strike's first bid and now their second (which provides exposure to future upside), the board has decided to roll over for the first low-ball cash offer from Beach to come along.
Surely, they could have negotiated for a higher price with both interested parties.

Surely they aren't this stupid. Hopefully they have some plan in place to extract more value between now and shareholder approval.

The next AGM will be a doozy. And I wonder how Strike and allies will be voting on this proposal, given not even they will be making a profit on their shares with a 20 cents prices, let alone many long suffering shareholders who bought at much higher prices.