there is a myriad of reasons imo because:- the proposed price is...

there is a myriad of reasons imo because:
- the proposed price is not an offer, so you cannot accept it - so the figure is almost an illusion
- timing- the proposal had conditions upon conditions
- manifest uncertainty -they needed Chinese govt approvals, I think 3 levels. look how long the Petro proposal took.+ FIRB approval needed.
- they wanted to do d/d

so at a figure of 36c, I am so glad WCL told them to nick off.

L/B frankly were stupid.
imo, if they were serious, and wanted the gas, and hence wanted to kill the GSA, they should have come in with a killer proposal, such that the WCL board would had to treat it seriously.

now they L/B have lost their chance to get WCL cheaply

just my view
cheers