Ann: NHC: Revised Offer for Macarthur Coal , page-4

Wal,

While this is a gut feeling, i think Xstrata and possibly BHP have been waiting in the wings until NHC came up with a revised bid. Now for the knock out blow, which will hopefully be north of $16.50+ that will make NHCs bid seem undervalued and put the issue of GCL to bed. I cant see how the board will ask shareholders to accept anything less than $16.50, possibly even $17 if X-men are able to cough up and get the deal over the line quickly.

Remembering that Felix had a similar fate, and yet, there offer was deemed to be substantial considering the bid and cash component.