IGO bid for PAN ?

IGO bid for PAN in 2019 at 47c
PAN is now in VA last trade 3.5c MCap $103M with $45M cash at bank and offtake deal with Trafigura
Trafigura has offtake deals with IGO for FF & Nova 50%.
IGO owns 16% of SOI in PAN already costing it $45M cash

If IGO allows someone else to take PAN for peanuts, it will lose its $45M cash investment, the PAN MILL & its $45M cash at bank plus the Trafigura offtake PAN has.
IGO bid for WSA for a crazy $1,100M 11 times more than PAN now yet WSA mines at FF are now shuttered and cosmos has been a disaster.
If WSA was worth $1,100M to IGO then PAN is worth $440M imho.

IMHO IGO should bid for PAN or lose $45M cash in its 15% cash share stake
Creasy then completes his Nickel King status & sets up IGO for future Ni production domination with 4 MILLS, 4 MINES comparative to BHP with only 3 mines 3 mills 1 smelter 1 refinery and fends off any bid by BHP who I think has been eyeing off IGO for some time now.

Price should be around $110M for PAN
IGO has $780M cash at bank so easy done imho
PAN has $45M cash at bank a massive MILL and marginal producing with Trafigura offtake surrounded by IGO tenements, many synergies.