theory no: 999, page-4

Given the Hanlong holding it is a steep wall for any other potential bidder to trump Hanlong so there are only three options imo.

1. Hanlong get SDL for a heavily discounted price
2. SDL vote no for the take over and the SP falls until other news eventuates.
3. SDL announce a JV with a 3rd party such as Xstrata.

Option 3 is the best of the three as it lifts the base value of SDL and guarantees the project from a financing perpsective.

Cant see how any other party can buy SDL outright given Hanlongs blocking stake unless there is an exhorbitant amount of cash thrown at them which i doubt in the current financial climate.