The thing is - Denison's original offer of $1.10 was cheap and opportunistic - in the hope that the hayseeds down here in Australia would give up their shares. Now that the offer failed, they say they won't pay a premium. In my view, anything around $2 a share is fair and reasonable - over that - then they could argue that they're paying a premium.
It's the usual story - they tell OMC shareholders that they're paying a premium, and tell Denison shareholders they're getting a bargain!
Look at the Crosby offer for MTN as a similar example.
OMC
omegacorp limited
