Although I remain of the opinion that what is on the table is...

Although I remain of the opinion that what is on the table is probably all we will get something isn't sitting quite right. If ESG was valued against 3P resources - 50c per Gj
and BOW by contrast about 15c per Gj then something else must be influencing the reluctance of other bidders coming forward. As RBC Capital said a few weeks back re the offer price "It does significantly undervalue the stock compared with where we think it should be”.
If you consider location it's hard to think of any tenements more strategically located than BOW's.
BOW would be an easy fit for any of the majors with a clean balance sheet and 100% ownership.
Although flow rates haven't been exceptional they have been acceptable with a high potential for improvement over time. There is still the Norwich block to come which is high potential.
So why no bidding war? Where are those parties who management were dealing with in "advanced negotiations"?
Is it just a case of others not really wanting extra reserves or is there a greater game plan involving mergers among the majors. I'm not a conspiracy theorist but if I was I think you could have a field day with this one!