Friday May 8, 2015: Copper miner PanAust (PNA) has placed its shares in a trading halt amid mounting speculation that major shareholder GRAM is about to about to lift its $1.71-a-share takeover bid significantly.
PanAust said it was "in discussions with GRAM in relation to the bid" and wanted the halt in place "until it could provide an update to the market".
The statement fuelled fresh reports that GRAM is poised to increase its $1.1 billion offer.
The independent expert valued PanAust in a range of $1.84 to $2.04 a share and it is widely thought that GRAM will come back with an offer within that range.
It is also expected that GRAM's next offer will be its last - but it would say that, wouldn't it.