Very interesting read. Of course Hony and ENN would be...

Very interesting read. Of course Hony and ENN would be disappointed. They were essentially unaffected by the takeover. They were told they could continue to own their 15% of Santos, and would continue to receive the benefits of their strategic partnership with the company. In my opinion this is the strongest argument against the takeover bid representing fair value:

Honey and ENN were prepared to go with a bid that did not pay them anything but gave them continuing exposure to Santos.

If you people who think the bid was worth taking why wouldn't Hony and ENN want the money? It's pretty clear to me from the evidence that you are wrong.