If you use the last 5 day weighted average you will find a minimum premium of 30% should give a share price in the early $6 region.
I must say that I believe that Santos is worth a lot more than that based on the latest lower break even price per barrel of oil and the constant reduction of debt...
This bid is opportunistic and if someone does not pay a High premium they wont get Santos.
STO Price at posting:
$4.89 Sentiment: None Disclosure: Held