Not going to weigh-in on if the deal is garbage or not, but the offers so far for Leonora value the asset far greater than the market cap of company. This tells me one of two things, either: 1. the purchase price is too high, or 2. SBM shares are undervalued.
If you assume #2 then in an ideal market the deal should get voted down by shareholders and a 249D appears to replace the board.
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