News: XAM Xanadu Mines Seeks Trading Halt, page-12

Not full take over, partial take-over say a major buys 15-20%. Similarly for JV. Either put a foot on the asset and just keep increasing with the drilling spend.
I don't think XAM will have control of it's take-over price.
I suspect AS and the board have made a fundamental error.
Big ore-bodies like this one's need a major to efficiently fund drill out e.g. the CZI model. Say CZI retain 30% to get get to DFS.
Otherwise you just keep getting dilution. I've seen it often enough to prove the rule told me by my lecturers. HCH is an example.
IMVHO.