" The cashflows, NPV etc by the end of DFS will not include...

" The cashflows, NPV etc by the end of DFS will not include either the stock MC or a TO cost for M&A". Standoff time.

Let me try again. The share price / EV is the markets view of future discounted cashflows, simple. The market is often very wrong on this but that's all we're doing here. Therefore, any acquisition cost factors this in. If Luni has an NPV of 1.5G and BHP buy it for 1.5G, in an efficient market BHPs valuation on Luni will be zero i.e. neutral. Any takeover assumes some synergy, cheaper debt or other insight that the market can't access or doesn't see, that's the (modelled) incremental value that justifies the acquisition.

My point stands that both a "BHP" TO, and any present shareholder, already consider future costs and revenues in the valuation or EV. There IS a cost to present shareholders.... They can monetize their share of the $1.5G EV at any point, therefore it's a "cost" in holding, same as an acquisition.

You're either miss understanding my logic or double dipping on "costs".