I see Silvercorp being severely constrained to up their offer materially.
They are US$500M company and need to fund a US$500M project if they manage to complete the take over (although do have US$200M in cash). This ain't Shandong or Nordgold.
Issuing a load more new stock would be pretty dilutionary pretty quickly too.
Their last 'increased' offer was a bit of a joke since it was below the original implied 60c offer.
They bought a pistol to the fight and Perseus have a bazooka of cash reserves and liquid, solid scrip.
ORR Price at posting:
50.5¢ Sentiment: Buy Disclosure: Held
