Draw it out on paper: the beacon, the two bearings/radials and your position. The 040 and 260 bearings to are on opposite sides of the beacon and so you are not in a position to intercept one from the other. A 160 degree cut is not an intercept heading - in fact it's a reasonable 20 degree cut to go the wrong way. Most realistically, procedurally, you would continue inbound on the 040 to the overhead then do a teardrop, outbound on about 065 for several minutes or miles then right turn onto about 230 for a 30 degree cut onto the 260 inbound. Otherwise radar vectors could put you in the right position to intercept.