Could it be possible that Gold Fields is working in concert with Gold Road? By lobbing a conditional bid that was so easy to walk from, the value of GOR script has rocketed.
Maybe GOR can now use that more valuable script for a separate acquisition and then subsequently sell their Gruyere share to Gold Fields?
But to keep it clandestine both parties pretend the relationship has turned increasingly hostile and GOR refer to the bid as opportunistic and unwelcomed.
This means the GOR board and management can keep their salaries as they look for a new project while they progress their existing prospects. They'd have a fair bit of fire power with the cash, liquid NST shares (block part or full sale) and sale proceeds from Gruyere (~A$2.2B).
Maybe that's crazy thinking but just looking for explanations for what seems like an incompetent bid from Gold Fields with the background of highly incompetent management of Gruyere.
GOR Price at posting:
$2.90 Sentiment: None Disclosure: Not Held
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