The current SP is irrelevant when it comes to what the company...

The current SP is irrelevant when it comes to what the company will accept - it has been reported that they will adopt a DCF valuation so it then becomes a numbers game and whilst the appreciation from the SP will be significant, its ultimately not the thing that matters to us and any acquirer.

Of course BP want to pay peanuts. Will they get away with that - possibly and that only happens if big holders, which you seem to be, accept a peanuts offer.

If the numbers that Hashan provided (and then supported by KJ) are correct, then management will be suggesting a TO representative of a value well north of the current MC/SP.

I happen to think that they numbers they provide are correct and am not inclined to sell my holding to anyone for less than its worth.

I say this with all due respect - I think the size of your holding (personal wealth) is relevant. If you held 10,000 shares as opposed to 100,000 shares, I would argue that you would not be happy with a TO representing $50 a share. You would want to see this achieve fair value and significantly more.