Its an interesting response from MLD and probably makes sense why they turned it down at this stage.
The statement at the end by MLD though is interesting, they are essentially saying, we think you should accept the offer BUT don't do it yet. Hold off until after the target statement has been completed, FIRB approval has been received and any competing offers have been dealt with.
NRW could easily increase their scrip offer and if they obtain the financing approvals to prove they can fund the takeover, then this will remove most of the MLD boards concerns.
That might then push Thiess to push for an additional offer (one that I suspect they expected to have to do anyway).
Let the bidding war commence
MLD Price at posting:
$1.06 Sentiment: Buy Disclosure: Held
