This revised proposal by Nyrstar removed conditions and showed that they are still interested. Because they removed the conditions, CBH has allowed them a look at the books to do their due diligence as requested.
This proposal was not an offer. Supposing the due diligince comes back favorably in the view of Nyrstar, I would expect an offer of at least 23cps or the upper end of the range put forth in the independent report as market conditions have improved since the report came out.
Also, it is pretty obvious that an offer of 19.5 cps would not rate much interest considering the current sp.
The other possible outcome is that Nyrstar takes a look and packs it in.
If there is an actual Nyrstar offer it will ignite a fire under CBH shares as it will be truly in play.
Interesting times ahead.
CBH Price at posting:
19.5¢ Sentiment: Hold Disclosure: Held
