Ann: Response to Media Coverage - Non Binding Indicative Proposal, page-17

It is quite an aggressive move from STX.
It's not too dissimilar to what they said to Gina when she was taking over WGO i.e. "West Erregulla will become out lowest priority." Although in this case, the threat is implicit i.e. "we will drag our feet and you will have to dilute yourself significantly."
I suppose that's business. i.e. get as much leverage as possible.

Having said all that, when TPD shareholders assess the future returns on Walyering, they now need to consider additional dilution required. I don't think debt funding is wise at this point.

Personally, I would hope STX would come back with a higher bid (this is probably just a "expectations management" exercise at this point, pending a more serious bid). If we could get 35 cents of value (including Mongolian assets), I'd be pretty happy.

Then again, I was never invested in TPD for a x5-x10 returns with super high risk. The Walyering asset seemed to me like a high probability of success but modest upside type of play (e.g 40 cents). The blue sky (i.e. potential x10 returns) was always Mongolia, to which I attributed a very low probability of success (but with each stellar announcement have had to upwardly revise). The great thing about an offer from Strike (say, around 28-30 cents), I'd get a 50% return on my investment in TPD and still have exposure to the Mongolian blue sky.

We will all have different reactions to this aborted takeover offer (although I'm sure Strike will be back for another crack).
In this situation, it's tempting to scream about "low ball offers" and bag Strike, but it's all business in the end. So I hope we can remain civil in the coming days.
And let's not forget, Strike's offer has just reminded the entire market how undervalued TPD is (i.e. the chances of a takeover offer are real now).