I don't think they're are allowed to buy on market with a bid in...

I don't think they're are allowed to buy on market with a bid in place. I think they can get around that by having a broker warehouse them for them. They do have to disclose higher holdings as a shareholder in anything more than creep provisions which I think is 1% increments and 1.5% for creep per year. It's all very nebulous but as far as I'm concerned Nietetsu (and others!?) can come up with a counter-bid if they want to and event-driven hedge funds can get behind it.

The proposition is being put to anyone who really wants to come up with a counter offer which can be scrip + cash. I would take/accept Nietetsu script in a heartbeat. Aussies need to put up or shut up. I mean Twiggy screwed a position in Ni from IGO over WSA takeover and a Rhodes Scholar he's not*.

Sorry for any Twiggy fans I've offended but I've been an investor for a long time and have a long memory.

In summary, I've still got all mine (no pun intended).

All IMVHO


* He's a honorary PhD and I believe likes to be called Doctor which you'd have to torture me to do. I respect Gina Rinehart more.