This is all dependent on what shape/form "the" offer takes, if...

This is all dependent on what shape/form "the" offer takes, if and when one comes along!!
Who knows it could be in the form of a scrip and/or cash of a stock at a substantial premium to what both ESG and HGO are trading at present. The Company (HGO) may then choose to retain their holding in that Company assuming this scenario takes place. A lot to consider including the tax implications of which ESG holders may also be faced with. Having held SXP/RPM/SHG and PES all of whom have been taken over whilst I've held, holders at some stage face tax implications!!