Fair to say that if this is indeed a takeover, then the directors do have a fiduciary duty to ensure that they get the best price and that any low ball offer should be rejected, as no doubt it would be the shareholders in general.
Given the stream of exploration results to come, any suitor would have to pay overs, as any negotiator would argue for a higher price based purely on what is expected to come.
Ann: Trading Halt, page-119
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