The question is how low the price of oil has to go before the...

The question is how low the price of oil has to go before the bids and final price (and signing off) becomes unattractive to the company. I don't buy the idea that it was a fixed price bidding activity for EFS with no clauses to adjust (post bidding deadline) for changes in equity markets and/or price of oil.

Do they stick to their strategy if best feasible price currently is about $160m or do they think they can (1) forecast where the oil price will go from here, (2) wait till someone revises their offer to give them the value they think they currently deserve (delusion), or (3) alter strategy?

I think they should stick to strategy and take the bucks.