The below (after my two cents worth) is from...

The below (after my two cents worth) is from http://au.news.yahoo.com/thewest/business/a/-/business/9456681/kpmg-report-says-bc-worth-at-least-3-80/

As you will see the report was only released after pressure from SH's. Would it have been released had SH's not pushed? we will never know.
I am not sure what has "changed" with regards our circumstances since the bid was put in! IMO the first shipment of ore was set in stone for all to see, what has changed since the bid?

Also one would hope that the company knew there own value, so why (potentially) sell for less than your worth.

Anyway, lets hope this sorry saga is now over and onwards and upwards BCI ticks to $4+

cheers
BM




A KPMG report, which labelled a takeover offer for Pilbara iron ore junior BC Iron by Hong Kong's Regent Pacific as neither fair nor reasonable, placed a significantly higher value on the company than the value of the offer.

The independent expert's report, commissioned by BC Iron after it initially agreed to a takeover approach from Regent Pacific worth $3.30 a share, estimated the company was actually worth between $3.80 and $4.13 a share.

BC released a summary of the report this morning after pressure from shareholders following the scuttling of the Regent takeover last week.

BC withdrew from a scheme of arrangement with Regent after the KPMG report found the deal was neither fair nor reasonable and therefore not in the best interests of BC's shareholders.

BC also argued its circumstances had changed since the initial offer because its Nullagine iron ore joint venture project with FMG had been "de-risked", was in production and was progressing well.

The report and subsequent scheme withdrawal by BC ended months of controversy and confusion surrounding the deal.

Regent Pacific initially launched a $345 million cash offer for BC in January, but later abandoned the bid on fears it would be blocked by Ukrainian billionaire Gennadiy Bogolyubov, whose Consolidated Minerals holds a 21 per cent stake in BC.

In March, BC appealed to the Takeovers Panel, which last month ruled Regent's bid should stand.

Uncertainty surrounding the offer continued however with Regent Pacific suggesting its proposed funding arrangement for the offer had lapsed.

But Regent later revealed it had secured a new $US155 million ($147 million) funding package, meaning the offer was back on track.

BC shares were up two cents to $2.92 at 8.45am after emerging from a trading halt.