Ann: Santos rejects Harbour proposal and terminates discussions, page-143

"large gain in the short term and opportunity to invest in something else"

You probably wouldn't have seen your takeover money much before Christmas so your money would have been basically locked up for six months anyway. Yes, you could have sold but you'd have lost the franking credits from the dividend component and those represented significant value.

Since Harbour's approach was rejected Santos has held its price well. It jumped more than 20% ($5.89 / $5.07) when the initial announcement was made. While due diligence was in progress Santos climbed another 9% ($6.44 / $5.89). Then after the offer was rejected we dropped back around 8.5% to $5.90.

We're up 20% in two months... and still you're not happy?!

At its current price Santos has returned over 100% for me this financial year, and has been the best performer in my portfolio in terms of absolute dollars. I'm happy to keep.