Remember that OXR walked away from merger talks when ZFX did not have a CEO so it was all there for Hegarty. They obviously did not see the appeal. After walking away from friendly merger talks I can't see why they would then come back and make an expensive bid for ZFX. I don't think Zinc is as attractive longer term- I think the Chinese have plenty.
Further more, ZFX have the free cash to make bid and would be more desperate to increase size in one bite, I think OXR has other plans.
It makes sense that ZFX installs Michelmore before moving into an aggressive play such as BHP did when appointing Kloppers. They want an experience warrior, not a manager.
By resigning from OXR, Cassidy does not have conflict when ZFX makes a play for it. This could be sifnificant.
I think that OXR is Zinfex's target and it could be ugly but the attration will be to creat a new WMC. That is where Michelmore came from....
Rock
ZFX
zinifex limited
