Stupid me. As I said, the revised Nyrstar offer targetted Notes holders rather than shareholders. Who is the biggest Notes holder? Toho by far, of course. Consequently, it was an offer to Toho, rather than to shareholders - an attempt to persuade Toho to sell out to Nyrstar in some sort of "friendly deal".
Since Toho's refusal is clear now, will Nyrstar pull out or come back with a more unfriendly offer - this time to shareholders?
Two weeks left in the game....
Stupid me. As I said, the revised Nyrstar offer targetted Notes...
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