Hostile takeovers are rare, and almost always result in a higher...

Hostile takeovers are rare, and almost always result in a higher price for target. " my price of 40-50c " is not unreasonable when one realises that this includes a TO premium.
In the case of a merger, there has to be agreed mutual valuations. In the event of a hostile TO bid, RED would produce it's own expert opinions of its "true value' while the opposition can hardly claim a low bid is appropriate when everyone knows they covet KOTH .... and RED is clearly not in distress ... far from it .... so make a good off or PeeOff !
In the Q&A after MW's Denver presentation, the first question was what value RED placed on M&A candidates "with inflated paper values".I would suggest that until or unless GMD (for instance) doesn't get a "processing solution" for its potpourri of assets needing mill, its SP will erode over time (all other factors remaining equal ) and its shares will not be an attractive currency.Imagine what would happen to the GMD's SP if RED received another bid that ruled out GMD ..... OMG ... a rush for the exits ?? As for SLR, what does it have to offer other than some cash (RED will soon have plenty) & some tax credits ( I suspect RED has enough of them) ???At the AGM and future meetings SLR should have a seat with the other shareholders, not a seat on stage with the BOD.