Woodside would not be letting go of HDR for anything less than...

Woodside would not be letting go of HDR for anything less than $4. HDR has a 33% interest in Mauritania which is almost as big as Woodside's; any take over of HDR would affect Woodside dominant position in the area and Woodside will not let that happen unless the predator is prepared to pay BIG.

Any offer from a major of any significance would spark a bidding war. However, for the patient, $4 is the minimum shareholders can expect if the HDR story runs its course.