Why I think that if IGO bids it needs to be at least $4.00 per share., page-212

M&A transactions are usually done on "no cash" basis so question of any premium on cash doesn't even arise. They are essentially paying for the 10 plus years of proven nickel reserves to feed into their proposed nickel refinery plus several more years of nickel resources yet to be proved up to JORC standard. WSA has its tenticles spread into several JVs exploring in highly prospective regions plus have strategic investments in likes of SGQ, PAN and MHK. There is a lot of value to be had here. Technical DD will take time and there will be an offer on the table before Crissy. The only question is who else is lurking in the dark.

(views expressed are my personal views and donot constitute an investment advise, DYOR)