Ann: Takeover Bid for NME Extension of Offer Period, page-37

I believe there is more to this Money made, I can't see why any company would go down the line of a hostile TO unless they saw no choice.
I assume there was a fair bit of back & forth between the companies before the TO was decided upon and who knows they could have sensed the writing on the wall, I mean you have to ask yourself who would do this so early in a JV without a strong opinion of the future of the JV. They obviously can't bring certain issues to the market but they can highlight the performance of the JV partner which is what has taken place.

I can only imagine holders of NME are just waiting for a better offer, the SP was around 2.5 to 3c not so long ago and any CR will likely struggle for support given their track record. If not for the TO offer the SP for NME would possibly be unsupported like earlier. It's not a good situation for both parties. NME could have cap raised over 12 months ago when they had a healthy SP but that's probably a reflection on why we are here now.