IMO no T/O offer will be made until MZN is shut down.
Even then, KDR has an an option to exercise with Poseidon:
"Kidman has until August 31 to exercise an option to lease the mothballed Lake Johnston nickel concentrator owned by Poseidon Nickel,"
http://mobile.abc.net.au/news/2017-...y-for-control-of-rich-lithium-find-wa/8198200
http://poseidon-nickel.com.au/wp-content/uploads/2016/11/POS-Kidman-Option-Deed-ASX-FINAL.pdf
Plus farmin with WSA:
http://kidmanresources.com.au/live/...pand-WA-lithium-project-with-farm-in-deal.pdf
Too much in the works and KDR would be foolish to accept a T/O offer prematurely, esp an offer in the vicinity of $1.80.
Merger with WSA would be nice
Personal opinion, pure speculation, DYOR etc
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