I think that an offer in the $2-3 range may be a sufficient figure for a takeover. But it is like you say, a big premium to the current share price.
Perhaps the buyers take the view of looking for a better opportunity when markets pull back a little. The sector is quite 'in demand' at the moment. I can see BND slowly suring up resources and port allocation though and hopefully the price will appreciate accordingly.
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takeover in the wind?, page-4
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