Ann: Santos rejects Harbour proposal and terminates discussions, page-220

Yep... it's hard to fathom the depth of idiocy in play here!

I believe rejecting the bid from Harbour was the right decision, and I was very pleased about it. But I ended up selling a few days later as soon as the rumours about Quadrant started to circulate.

What did the board learn from top-of-cycle acquisitions? They learned that you have to chew your own leg and most of your shareholders legs off just to stay alive at the bottom of the next downturn. I'm so glad I missed that part.

Yet here they are again, eyeing off another high-cycle acquisition at a time of considerable uncertainty over global conditions, thinking about sticking the other leg into exactly the same trap!

What complete, utter, drooling, incontinent, incompetent morons! Aaarrgh!