Voice your opinion about this offer, page-117

I have posted before but whether I have or have not is irrelevant.

What valuation work have to done to determine it is or isn't a reasonable or fair offer? Any time a TO pops up people always carry on that its way too low but that usually comes from people that don't know how to value a stock or grossly over-rate/value their investment.

Consensus NPV is ~$2.15 and I've been hard pressed to find anyone with a NPV above $3 without some pretty bullish assumptions. NPV is the present value of all futures CFs and includes dilution, risk, etc... On that basis, If KDR is worth $2.15 and WES offers $1.90 for not going through the risk from poor engineering, construction, weaker for longer lithium markets, and other hard to forecast variables, then it is a reasonable offer for not having to take the risk.

My personal view is another bid will likely come through as KDR is a mostly unencumbered lithium supply with a leading global partner with a real history in the lithium market. It is a great entry point for a company like WES (maybe RIO, FMG, or someone else offshore) to enter the lithium market.