Ann: CQT: Supplementary Bidder's Statement , page-6

re: Ann: CQT: Supplementary Bidder's Stat... The bid consideration is 1.2 times HSK's value. Given HSK has tanked 13% on the news and is down to 30 cents, that implies a bid price of 36 cents now. This is probably why the NQM price has lost steam over the course of today (still up a healthy 18.5% though). The bid price will be a moving target over the next few weeks unfortunately.

Still, a consolidated Panjingo was always the logical outcome from any proposed M&A activity. Obviously the higher offer price, some cost savings being realised together with NQM management being retained makes this offer much more compelling than CQT's. I'll probably be taking them up.