on 2p reserves alone its a joke, page-4

You may have a point here. Companies receive unsolicited, non-binding and conditional proposals of various nature all the times. They don't really have to disclose these things. Perhaps the disclosure is to get a proper re-valuation of the company, especially the international business to prepare for a capital raising. They can now probably float off the international business for $500M or so.
In any case, this is not yet a takeover and it would be silly to think AOE will recommend shareholders to sell at this stage.