The way it is going, there's no way you'll get anywhere close to 50% (let alone 90%) with the cheap offer.
I don't see a risk of MLD becoming unlisted, and I'm not going to gift my shares for $1.
Maca's board reckon that is a good offer for their own reasons, so they can quickly flog their free "performance" options and move to other pastures. But, with the exception of Geoff, they don't have much say with their minor ownership stake (what comes around... had they had confidence and bought more shares, they would have more votes now). It's us the shareholders that vote.
NWH are hopeless with their scrip takeover attempts (like previous clumsy play with GCY). But they are just the first who realized that the game is not over yet. As this drags on, there will be more serious buyers running their calculations and realizing how cheap MLD is.
I am pretty certain that you had put aside much more money for the acquisition. Thiess' current portfolio has lots of dirty projects, so MLD's would be really good for a bit of greenwashing and improved ESG, in addition to being profitable - and that doesn't come cheap.
So please stop the games, and don't think that retail shareholders are that clueless. Come up with a decent offer, and then we might actually consider it. And what I consider a decent offer is not $1.025, not $1.085, not even $1.20 - you gotta aim higher.
If that doesn't happen, that's fine with me. We can continue the MLD journey on ASX together, with good dividend return (based on the latest report, total dividend can be 8-10c), and back to $2+ share price in a year or two.
MLD Price at posting:
$1.07 Sentiment: Buy Disclosure: Held
