Just to be precise the wording is "completes the acquisition of...

Just to be precise the wording is "completes the acquisition of a beneficial interest of more than 50% in Eastern Star".

In my mind (I'm not a lawyer), that is somewhat ambiguous. Does it simply mean that 50% of ESG shares have to be owned, but a takeover of 100% not necessarily completed? Santos currently holds 20%, so it would only have get another 30% before it became liable. Now I might expect that the current major holders would be approached to check their attitude, so ESG could easily be in "negotiation" for an extended time before the major holders shares are finally owned.

A plausible explanation for the timing is to try to encourage somebody else other than Santos to take the gas or the company, though I doubt that the top up would be a road block for Santos. Similarly, the land purchase is immaterial, but just a nice psychological trigger. The prospect of an imminent takeover is purely in the hands of the "others", not Santos. If ESG is unable to sell it's gas to somebody else, the market interest will diminish and with it any chance of an imminent takeover by Santos.

ESG shareholders just have to hope for a bit of timely action on LNGN front.