RCF has now taken to MSM to beat on TMT SH, page-22

If the merger terms get rejected, how on earth is TMT going to get taken over for even less ? Even fewer shareholders are going to vote for that, and RCF are still stuck with their large holding, unable to sell due to lack of liquidity. Their only option is to make a better offer for TMT, which is the normal course of action if a takeover or merger gets rejected. Make no mistake, this is NOT a merger in any sense of meaning. It is a simple takeover of TMT by AVL, because AVL will ultimately control all the assets of TMT, the valuable ore body, the place in the queue at the EPA, the cash remaining in the bank, the business links etc etc. TMT management and board will be mostly let go, or will end up with subordinate roles in AVL. In a takeover, the company doing it has to pay a reasonable market value price for the assets, and usually with a cash buyout option, its that simple.

all imho, dyor