hold or sell

Comment in last hour seems to favour selling at the bid price. What about those who intend to hold? I know this was posted earlier but put it up again for discussion (from Huntley today):

"The Hold call is logical given the first bid in takeover situations is seldom the last and there is potential for more than one counter bidder in the mix. Director shareholdings are minimal and the register looks relatively open. HDR has agreed to pay an A$14.7m break fee to Tullow if an alternative bid is successful. This may be of small consequence to genuinely interested parties. HDR shareholders will vote on the scheme in mid December requiring both approval from a majority of shareholders and 75% of the vote. An explanatory memorandum and independent expert's report will be circulated in mid November after which any second bid would be logically timed. Exploration progress will be keenly watched in the meantime. HDR is spending $65m on exploration and appraisal this year and next. HDR's 16.2% Aigette (0.9TCF) in Block 7 and 21.6% Kibaro (130mmbls) in Block 4 are to follow Flamant".