rxm as renewed takeover or merger opportunity

RXM market cap is presently $107M and SP is down 50% since January and 75% from 2011. Their ability to raise finance with this market cap is limited so cash injection would be handy - cue OZL.

RXM have said previously in April that they are open to OZL at the right price - it is interesting to read this article again in light of share price movement since then:
http://www.theaustralian.com.au/business/mining-energy/rex-minerals-wont-be-an-easy-prey-for-oz-minerals-says-steven-olsen/story-e6frg9dx-1226322311166

What premium to current price would be required for OZL to takeover?

In terms of a merger scenario, hillside development is likely to be approx $1B - would OZL possibly sell some/all of their SFR stake to fuly fund Hillside completely without debt?

Thoughts?