blake, many scenarios can play out in a takeover situation....

blake,

many scenarios can play out in a takeover situation.

Could be a cash offer
Could be scrip offer meaning you get shares in the company offering to buy PDI
Could be a combination of both cash and scrip.

Can either be a friendly takeover or a hostile one!

Sometimes the board will release an announcement at the same time telling their shareholders to take no action whilst they consider the offer.
Other times they'll flat out reject it as a lowball opportunistic offer.
Whilst in certain cases the offer will come with the full endorsement of the board recommending you accept the offer.

It may require an independent valuation to determine if the offer is fair and reasonable?

It can be quite a complicated scenario as in certain cases if an entity holds more than 20% of the company they have to launch a takeover.
However there are exceptions to that with bracket creep etc.

It could involve a "scheme of arrangement" where a minimum of 75% of shareholders must accept the offer for it to proceed and then if 90% accept the company can then move to compulsory acquisition and acquire the remainder of shareholder's stock who don't accept the offer.

This link will answer all your questions mate.

https://www.minterellison.com/articles/summary-of-australian-takeover-laws

Personally if a takeover of sorts was to come our way I'd much rather see the BOD of PDI sell of the project/resource rather than the company through something like an in specie distribution.

That way they can then go about their ways of trying to uncover another elephant using predictor and seeing as they have what looks to be a portfolio of quality ground with great potential we get to do it all over again only with a bag full of money or shares tucked away elsewhere.

Cheers