Will Santos ever recover?, page-131

I disagree that management is "good" or that value judgements like these are of use in investing.
It's not a discussion on the meaning of truth, morality and good vs evil but much more practical.
The offer turned up because Santos was undervalued, STO shares peaked at $4.7 purely off the back of increasing oil prices before the offer. I buy things because they are undervalued not to speculate on takeovers because they often fall over or don't eventuate.
A long term holder of STO can simply wait another year or two for rising oil prices, the benefits will likely exceed those from a quick takeover.