What are you talking about, why would the institutional investors accept $484m for this copper resource and operating plant sittign ontop of it? WTF?? Some 'odd' retail investors might be prepared to evaluate a $1 bid relative to the VWAP or last price, but come on, CFC low balled with $1.70 (lower than the low end of the independent analysis) and failed with the institutional investors.
The board couldn't give a stuff about what some punter is willing to let his shares go for, these morons make up about 0.05% of the register.
No one would embarrass themselves by lobbing a bid under $600m.
Come on Sydney, what does that cheque in your hand have on it? $1.03 a share, good luck pal.
DML Price at posting:
34.0¢ Sentiment: LT Buy Disclosure: Held