4:1 offer, page-6

True, they have claimed to they have 20% of the shares - but 20% is a long way from 50%, especially in a company where there are some significant shareholders holding a large portion of the shares.

Also, I cant do anything about the takeover considering i am not part of the offmarket takeover. If the deal goes ahead, I will rethink my position, but only when the deal goes ahead.

As for Merging and Surviving vs going alone - i believe this will, in no way, benefit tdo... if it did, i would be in favour of the takeover... Lets not be stupid here. If there are strong synergies to be gained through a merger - then i'm in favour a takeover. If both companies are sound, and they want to merge to increase their ability to raise capital etc - then merge. If a company with strong cash flows are genuinely interested in realisation of tdo's underground assets - then takeover.

My concerns are, IMO, that a defunkt company is attempting a takeover of a possible strong company (give it a few years) with some sound fundamentals. TDO cannot bring dls out a cash flow problem. While they have enough cash reserves for their own drilling, DLS have much greater expenses which would suck tdo dry in no time.

There would be no realisation of tdo's assets, and dls will continue to explore their own tenements, using tdo's cash.
There is also the issue of a hostile takeover - they dont work. Removing the current board of tdo (which would be required if a takeover were to occur) would also wipe out a significant amount of the human capital inherent to tdo's value.