Its an opening bid that puts ESS into play. Now others also run...

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.