Ann: Revised Nyrstar Proposal , page-31

dahma,

...could a third party come in and overplay

It all depends on Toho. If Toho are determined to stay put in CBH whatever the takeover offer price, it is virtually impossible for Nystar or any third party to take over CBH.

With regard to the Toho transactions, the more I think about them the more I feel that they were an opportunistic grab of more of CBH assets and shares by Toho prima facie because they looked better than the original Nystar proposal. The second offer by Nystar does away with any superiority (or should is say "lesser of two evils" advantage) that the Toho transactions had over the Nystar offer.

The key thing that will drive the CBH share price is whether Toho improve their transactions or are they happy for their transactions to fail along with the Nystar proposal.

Is it possible that Nystar have already consulted Toho to buy out their stock? Possible yes. But knowing the longer term nature of Japanese investments, they probably would have said no and are just happy to sit tight.