The usual was to get another bidder to make sure you competitors don't get assetts too cheap and get them online or increast development speed too fast. Have to push yout competitors price up and delay the process. You don't have to want it to put in a non binding offer but it changes the landscape.
I am amazed if other PNG partners don't want larger % at this pricepoint and problem is if the pathway to that is to let STO bid go through . Then pay STO a premium rather than do a bidding war and end up with assetts they don't want. OSH holders won't get full wack due to the poor STO :OSH ratio. Will be interesting if this merger is considered a change of control in terms of contracts with partners in PNG etc and if they have last right of offer. PNG is not simple and only those involved can appreciate teh full value an drisk. I wondered if a chinese oil company would try and take a interest considering all teh games they play in local politics and PNG.
I think OSH managment are about 10 years behind in the merger playbook and very disapointing to see that the best strategy they have come up with is to chit chat for 6 months behind closed IMO leaky doors and then allow a management crisis as the STO entry point by IMO telling porkies ata presentation. Sheesh So OSH management had 6 months to increase value , plan a defense and what did they do??????? Line up competitive bid , get some interest Nup looks like they played dead!!! Hell knows what their advisors were telling them?
Answer - Not f.....x ..nnn enough has been done IMO by OSH and its managemnt and advisors
OSH Price at posting:
$3.96 Sentiment: None Disclosure: Held
