Ann: Intention to Make Takeover Bid, page-108

AF flipped WSA to IGO
now I speculate IGO will flip MCR to AF imho
AF & IGO talked of a JV on a refinery which I doubt, but if so then IGO cannot outbid AF here & turn hostile to him after his helping hand on WSA.

both could have counterbid or blocked the bids for WSA or IGO, BUT DIDNT or HAVENT YET.
Is it a QUID PRO QUO?

That leaves only BHP to counterbid, which I expect soon
The MCR BOD hasnt responded fast meaning not tipped off or not impressed with AFs surprise cheap bid clearly.

They counterbid on Noront several times to stuff AF there
BHP & AF have a long history of animus going back to 2003 when BHP tried to destroy & litigate/stop access to AFs then fledgling IO play FMG.
Now they crossed swords again with Noront last year
Now again with MCR, as its a BHP lapdog earning ALL revenue from BHP and using 100% of BHPs mill at Kambalda.

AFs opportunistic move here must be viewed in the context of the history of BHP Noront FMG POS,
Market clearly thinks BHP will counter and AF will increase the price.
This begs the question who was deliberately & viciously SHORTING this 270c to 104c recently.

The Ni war called by the media last year regarding Noront bidding war has now come here and its not over yet.
This is not just about MCR anymore but about BHPs monopoly of Oz Ni industry & its tolling.
BHP MUST & WILL respond soon imho.