I found this article, which is the only one that gives a clue as...

I found this article, which is the only one that gives a clue as to why the extension for due diligence. I'll quote the salient part, but here's the link for the entire article:

http://www.tradingmarkets.com/news/stock-alert/iplrf_smgby_san-miguel-buys-time-for-indophil-acquisition-1406921.html

"Ramon Ang, SMC president and chief operating officer, had said the company was interested to take over the Australian miner, but it would be ready to end discussions if the Philippine company were not amenable to Indophil's valuation."

The last failed takeover price was $1.28. It's hard to say how much SMC wants to pay now, of course, or what Indophil expects/hopes for. There's also this paragraph in the article, which doesn't bode well:

"SMC's offer of 0.86 Australian dollars (sic) for each Indophil share is lower than the 1.28 Australian dollars earlier offered by China's Zijin Mining Group Co."

Clearly, a placement price is not a takeover price, and something might have been lost in translation from the Manila times (the original article from which this one was taken).

On Wednesday, a decision will be made on open pit mining. That will be a big day for IRN. If SM puts a bid on the table, I hope IRN management pass it on. We can also hope that if this deal does not go ahead, exclusivity with SM will end and there might be other suitors.

Thoughts?