Ann: Santos rejects Harbour proposal and terminates discussions, page-8

I think this process has flushed out STOs true intrinsic value and will change market sentiment toward it long term. The bid may go hostile but I doubt it - I imagine STO has already courted other majority shareholders to gauge support. These will want a much bigger premium to wrestle their shares from their hands, which isn't out of the question, but unlikely. Hopefully STO will weather the short pullback tomorrow and kick on from here, but their fate is still tied to the POO, so I hope it doesn't turn against them. Current investors who held (like me) will want to see a dividend announced in August!