Ann: New Nyrstar Proposal , page-13

I have been watching comments on the revised Nyrstar proposal to understand the tactics behind this proposal, but still feel at a loss.

The proposal is only marginally more attractive than the previous one, and it addresses the Notes holders rather than shareholders. But it is the shareholders that will call the shots on April 28. Ok, some will be Notes holders, too, but why not more focus? What is the purpose here? Just to show they are still in the game? No, the offer is too weakish to be taken as a serious effort "within the game". Just to extort a reaction from Toho? They have got it now, and with it my sympathy is starting to shift even more in favor of the Toho proposal. Just do a little damage to Toho by driving the price up? Again, too weakish for that to happen. A probe for the real thing from Nyrstar, yet to come? But why the detour then?

Very strange behavior. Suggestions, anybody?