Correct - SLR made a belated "improved bid" but it wasn't near...

Correct - SLR made a belated "improved bid" but it wasn't near enough, had none of the synergies that GMD could offer, and was too late - SBM lenders had called time. In the end its all about synergies in this inflation racked, labour constrained and high energy costs times - GMD needs KOTH - it will offer massive synergies in short and medium terms and allow it to read the riot act to DCN - if DCN holdout shareholders don't wake up, they will be left holding a mirage, while GMD rapidly merges with RED(KOTH) and really gets to work shedding surplus non-economic resources like all that "refractory ore" etc.
NST has been absolutely ruthlessly efficient in cleansing its holdings of "non performing assets" , even those that appear to have some life left.
SLR on the other hand seems to have tired ageing assets, and desperately needs M&A to sustain growth and investor attractiveness IMHO.
I don's see the value in a RED-SLR merger hence, why give a board seat to them and access to all RED's data and plans ??