CBH revised their offer from 3:1 to 3.5:1 after PEM rejected their initial offer.
2:1, are you joking? 3.5-4 : 1 might be possible.
But they don't necessarilly have to merge. A joint venture at broken hill is all they need.
Don't forget, it's CBH who wants to avoid implementing a processing plant, not PEM.
In PEM's quarterly report, it says they will acquire other companies when the opportunity presents itself.
