am i missing something ?, page-31

Macro I agree the MM offer is a low pitch offer at this stage and they are hoping to succeed with it. Good luck to them!

However, if it truely undervalues OZLs assets then we have to hope BHP or other suitors will recognise this and put up their better counter offer.

I really honestly can't see BHP being prepared to let PH go to the Chinese. I think we will see BHP play their hand very soon..........note how quiet it has been on this front.

I think BHP will launch their offer BEFORE the FRB complete their review and give a decision.