You say "STX has done OK out of this, but they could have got the lot if they hadn't tried to lowball the first bid"
I don't believe that their first bid was a lowball bid. If you look at the 2P +2C of both companies you might come to the conclusion, as I have done, that it was more than a generous bid. I expect that it was made so that Strike could get enough gas to make Koch happy to sign on the dotted line and commit $3+B for project Haber. They will now have to wait until they drill either one or two more holes into SE and get another independent reserves certification - a delay of perhaps a year.
If, as many have said, WGO is a sideshow and STX is the main prize, Strike has done extremely well - probably the best outcome possible. The bids by Min and Hancock have made the market aware of much WGO and STX were undervalued. Furthermore, the way Strike has played their cards, with more than a little help by Min push\ng Hancock over the 50% ownership of WGO and thus automatically extending her offer by two weeks, has enabled Strike to gain $120m or more in additional funds.
One can't predict whether Min or Hancock or others, will try to take over STX.. What one can say is the $120m will make a takeover that much more difficult
WGO Price at posting:
36.0¢ Sentiment: None Disclosure: Held
