If the only option left is for SDL Board to accept the TO offer, I don't think our Board will accept $0.50 which is far too low. Stumbled upon this article re the TO offer (100% cash offer) by Xstrata to Sphere Minerals Ltd in August 2010 (also an iron ore co.), the following is a comparison re the offer price with Hanlong:-
Xstrata - 61% premium over the closing price immediately prior to the TO announcement; Hanlong - 25% premium over the closing price immediately prior to the TO announcement;
Xstrata - 73% premium to the 30 trading day volume weighted average price (VWAP) of Sphere Minerals Ltd; Hanlong - 45% premium to the 30 trading Day VWAP
What a disparity!
If the same % used by Xstrata is adopted by Hanlong in the revised offer, the offer price should be at least $0.65 per SDL share
