The whole scenario shows what a stupid move it was by Beach in...

The whole scenario shows what a stupid move it was by Beach in the first place to offer 20c, and equally stupid by the BOD here to accept it.

If Beach had quietly picked up millions of shares between 11c-16c over the last year, they would have built a stake in the company, then get to a no lose situation, where now they could have sold for huge profit if their T/O failed.
Beach down 7.5% today, while Santos and Woodside 1.5%-2.4% based on oil price. IMHO the market 'knows' Beach need the extra gas reserves, and have now lost out unless they go the hostile route, which means much greater cost. Beach have until Friday night, the 5 day period to match Gina's price, but will most likely let that lapse and either come up with something different next week, or just miss out.

We still have a big buyer in the market, which is most interesting, unless it is for the arbitrage play of gaining 1:1 expecting Strike T/O offer. Strike also up to 35c.