It seems SQM have learned a lot from the failed ALB bid for LTR....

It seems SQM have learned a lot from the failed ALB bid for LTR. SQM have gone in with a dual structure binding bid, with no period of DD. If the SOA fails at $3.52, they automatically revert to a takeover offer price of $3.50. So Azure shareholders have a lot more certainty of getting $3.50 then we ever had of getting $3.
SQM are saying they are happy to only get to 51%. I believe Gina's hand could be forced here and it is much more likely we see a counter TO bid from her for Azure. Mark Creasy probably is biggest winner here, as whoever gets to 51% can get to over 90% by acquiring his 40% ownership (held through a seperate entity). He will have a lot if leverage to negotiate a better price his 40%. He can just sit back and watch this play out. Maybe Creasy has already indicated he is happy to sell his 40% to whoever the winner is getting to 51%, thus ensuring the bidding war. This would give much more certainty to whoever wins eventually gaining 100% ownership.
ALB are probably reflecting on what they did wrong with the LTR bid. They probably should have gone harder earlier on, and maybe should have also used a similar bid structure to SQM, but they weren't to know Gina was lurking under 5% and they were caught sleeping.
If ALB liked what they saw during DD on LTR, you would think the depressed price of LTR now would provide a good opportunity for them to acquire more LTR shares on market. They could then lob a anotber bid, similar in structure to the SQM bid, once their 4 months wait is up. This is of course if they are happy with just 51% ownership of LTR and willing to go to war with Gina.
More to play out here potentially. Will be interesting to see how it plays out at Azure, as this might be a harbinger to how things might eventually play out here although, the ownersip structure of Azure may mean a bidding war there is more likely.
G