The difference is VOC was heavily overvalued at its peak and the...

The difference is VOC was heavily overvalued at its peak and the two bidders were private equity with the same price offer who weren't serious about their offers. No different to the tactics of bidders that bought Dick Smith and Myer e.g. buy the asset low and sell them so high.

Whereas STO is not heavily overvalued, and its financially sound after a good debt reduction plan. The bidder Harbour Energy maybe back by private equity eg. EIG and Noble Group, but the model is similar to Quadrant Energy which acquired Apaches Australian business (Quadrant led by Macquarie Bank and Brookfield). Harbour Energy is led by some private equity people who have no clue about oil and gas, they're actually led by Linda Cook, an ex-Shell executive.