I don't believe 40% is right, unless they were stumping up extra capital alongside the other funders. The proposal specifically states that Hony and ENN would together hold a 15% stake in the new entity that would be created as the holding company for Santos.
"Not taking $7 at this time in the current environment is crazy." – you're effectively saying that Hony and ENN were crazy for wanting to retain their stake instead of getting $7.
It's pretty hard to argue that the bid was compelling when such important stakeholders as these were not interested in it.
Ann: Santos rejects Harbour proposal and terminates discussions, page-181
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