Ann: IGO: Lithium Joint Venture to Acquire Essential Metals Limit, page-19

Its an opening bid that puts ESS into play. Now others also run their ruler over what ESS has and its potential. If no-one else comes up with a higher value then A$0.50 is a fair price. If someone else determines that there is more value, a higher bid gets added to the mix. If the market fairly quickly starts to trade above A$0.50 then there is an expectation a higher bid will emerge.

If lithium stock prices rally by the time the independent expert report is written, it may recommend a fair value that has a lower end above A$0.50. The haggling then begins and frequently the potential acquirer increases their bid to at least the bottom end of the recommended fair value range.