i think agl is getting ready to get esg, page-9

Yeah, scrip for scrip would be fine, but I remember when STO made the cash offer for QGC at $1.26 per share (nearly $700m - a similar market cap). Not sure if they have a particular strategy. Also to be considered is how quiet all the takeover talk has gone since April/May when ORG and STO were fending off BG and possibly other companies, as well as the media. Although the exception here is QGC and Sunshine with a combined cash/scrip offer...
Anyway, lets hope there is more in common between ESG and QGC, as QGC is pushing ahead atm and ESG appears to have the ability to do likewise.