defensive takeover strategies, page-10

Call it what you like Alley - a 'spoiler bidder', or 'spoil the spoiler'... (and, I agree with you about Santos - they did act as a 'spoiler' or blocking stake to prevent other parties getting hold of ESG back in 2009 - and you were kind enough to give me the thumbs up for that particular piece of analysis some time ago).

Now, the same technique can be successfully used again, But the difference is, Santos didn't buy in just to make some quick cash as a spoiler - they have a clear need for the gas themselves, with obvious synergies with their own land holdings in Gunnedah. What I am suggesting as a spoiler bidder is pure venture capitalism - someone buying in just to make money out of the first bidder. They don't even need to have an interest in LNG, just in earning some quick bucks by getting in the way. :)

But, I am glad you see the power in the concept.

I will speak to you in a month. May your ESG holding Be Good to you, may the highest bidder Shell out the most money, and may the ORGanisation with the most money win. :)

Yaq