Ann: Santos rejects Harbour proposal and terminates discussions, page-6

Offer rejected because ~$7 wasn't good enough. Personally that decision gives me confidence that management (who should know the business best) believe the current environment will support an upward share price from here on. That being said, why should the share price fall? People selling off cause they have the expectation it will fall (fear)? People that entered for a quick profit getting out (traders)? I agree, I think the price will fall tomorrow.. but given the overwhelming shareholder support for the sale to NOT go through (albeit from the small sample size on hotcopper), it's disappointing that it'll be under pressure. I entered at $3.47, so happy to hold on for a while and ride it up! Shouldn't have to wait too long for +$7 if oil and gas prices remain fairly stable.