check out this article on cbh takeover !!!, page-4

You really think CBH board is considering if to accept the TO offer?

It's a strategy, to bring PEM (and their Chinese friends) on the table to seal a deal. Not necessarily merge with PEM, just setup a joint venture at broken hill. IMO, this is the best outcome for both PEM and CBH.

I really worried that Nyrstar increased their bid to 20-25, because if that's the case, the CBH board (and some of our share holders) might decide to accept.

I believe CBH's SP is worth more than 30. The worst is over, I see promising growth potential for CBH in the near future. The synergy from a JV with PEM will give us a big boost.

In addition, don't forget (and most people seems to have ignored) CBH is talking to a number of parties, not just Nyrstar. I do hope we will have some new Chinese friends on board (look at KZL, PNA, PEM, once the Chinese is involved, the SP has sky rocketed, lucky I hold and trade all of them).

The good thing from Nyrstar's offer is that it simply provides a floor, 13/13.5. If the SP is below 13, it's a no brainer.