I don't mean to be rude here but maybe before commenting you...

I don't mean to be rude here but maybe before commenting you should actually read up about Australian takeovers law?

PRU's latest supplementary bidder's statement announced that their offer is 1) unconditional and 2) is best and final in the absence of a competing proposal.

The former means all the acceptances in PRU's bid acceptance facility will be processed. PRU WILL control ORR. The question is just how much they end up with.

The latter means PRU under Australia's takeover laws CANNOT legally increase its bid unless another party makes an offer capable of acceptance that is superior to PRU's bid.

Given PRU now owns 50.15% of ORR no alternate bidder can acquire control of ORR. The best they could do is acquire a minority holding. The only way you are getting more money out of PRU in this takeover is for SVM or somebody else to make an offer capable of acceptance for the whole company, which PRU could then vend into (after they close their offer and pay for the shares acquired under it) if they decided it wasn't worth trumping it.

ASIC's truth in takeovers regulatory guide is as per below:

Purpose (asic.gov.au)

Look up "last and final statements" which covers the type of statement that PRU made on Friday.

As to whether PRU is "in a hurry" you assume PRU absolutely must get to 90% of ORR and subsequently compulsarily acquire the remaining holdouts.

I suggest they do not need to. If they form the view they will not own 100%, the can close their offer, elect new directors in ORR as the majority owner and proceed to commence development of Nyanzanga within ORR with PRU as the largest shareholder.

Given ORR doesn't have anywhere near enough cash however, the still listed ORR will need to either do a very big capital raise (which as the biggest holder it would be natural for PRU to underwrite) and/or raise debt capital.

Hypothetically if PRU decide not to use any debt in the structure (nothing compels them to) they could do a 2.85 for 1 non-renounceable rights issue at 57.5c per share and raise US$500m (A$770m) straight after closing their offer (bit of a buffer to the US$474m build cost).

How many minority ORR shareholders would 1) be in a position to follow their money by almost quadrupling their holding and 2) actually want to do so?