the way this deal is seen + we're on bloomberg, page-5

Beach will likely keep financing ADE to ensure that progress is made on it's shale assets without its partners running out of cash. ADE had none, now they have some. Smart move by BPT to get a TO blocking stake, it protects their investment and while it removes some of the blue sky for current ADE holders it does provide certainty and short term gains, even if they're now capped somewhat. I believe BPT will continue to raise capital above the share price and the market will continue to re-rate ADE upwards, but a ten bagger might now be out of the question and you may need to be happy with 4 or 5 (from 9c)