Harbour Energy, page-70

1) ENN not prepared to sell it's shares for cash. (below from the SMH)

2) What valuation has Harbour calculated for STO internally versus what they have offered? You can guarantee that their bid is not overs.

"Santos is an important part of the company's long-term strategy for clean energy. At present, there is no intention to sell shares in exchange for cash," ENN said in a company statement on the Shanghai exchange.
A source close to Santos said ENN’s eagerness to retain exposure to Santos’s assets is the same reasoning behind Harbour’s approach.
"Santos in an extremely strong position and its value continues to rise, that’s the potential that Harbour sees," they said.

Should this come to a shareholder vote it's going to be an interesting battle of those who got in at the $2's & $3's versus those with an average entry above the offer price.

As a long-term holder with an average entry just above this offer price and having ridden out the lows I personally do not feel like giving my stock away, especially when the largest shareholder is not prepared to do so.