They don't seem to be too bullish or bearish on production...

They don't seem to be too bullish or bearish on production volumes and commodity prices.

I would agree that Eramet should be happy on those fronts.

The thing that delivers the high valuation numbers though is the discount rate

When you take the 2.5% inflation component out of the discount rates the passing yields seem a bit skinny when TIZIR had to, and are, paying 9% for first call secured debt.
6.5 % yield for the high number doesn't seem realistic
and 8.5% yield on the $2.04 isn't a kings ransom even if they can source debt at 5.4%

We will soon know what ERAMETS response is. I'm pretty sure they won't be embracing the idea of paying an extra $200M

Lets hope they can be pushed up a fair bet. Its worth a lot more to them as a wholly owned deal than it is as a majority owned partner. Of course its worth a lot more to them either way than it is to anyone else.

Now that the MDL board have fired all their ammunition and set a fair range, my money is on ERAMET offering more with a 90% full ownership condition.