SBM have snared themselves a bargain here but it was always going to be a tough sell as BDC were at a disadvantage not having the capital to progress this further. I notice that the terms include a provision to match in the event of a competing proposal for the BDC assets. I assume that both NST and Norton will consider the SBM offer and determine if it's in their interest to lodge a competing bid. SBM have several advantages which make them the ideal owner so will just have to wait and see how this plays out.
In any case, i'm happy to see this come to an end.
I'm now looking forward to the in-specie spin out of the manganese assets into a battery metal company. As suspected, they will look to take this public through an IPO of sorts.
BDC Price at posting:
41.0¢ Sentiment: Buy Disclosure: Held
