I don't think anyone will make another bid as they will then...

I don't think anyone will make another bid as they will then have to deal with a p*ssed off Codelco.
Another option is that agrieved minority shareholders could launch a class action against LPI. Shareholders could maintain that the Codelco offer is manifestly inadequate for the assets of Lpi and the board failed to negotiate an equitable price or explain why they accepted Codelco's offer. The experts valuation could be challenged etc.
This action, of course, would stall the sale until a resolution is found and would necessitate huge legal funding etc.
The upside is that it might force a better/ another offer or buy time for a favourable change in govt.