I would tend to agree, the offer did bump up NWE share price. At this level of 5.7c the offer is not worth accepting.
Personally I like the reset in MIN's share-price that is occurring in this bidding period will put more pressure of Chris (MIN) to lift exchange ratio in favour of NWE shareholders.
MIN would need to bump up the offer to an equivalent of >7.5c for myself or a ratio around 1050:1.
In the short term of the next 6-9 months with drilling activity of NWE, share price could rise > 7.5c if all wells are successful, there is significant risk in hitting targets and oil/gas price. MIN's share price might edge higher from here, in the 70-80c range seems to be the broad consensus + a few cents dividends, depends largely on China recovery, lithium price and Russia.
The future for MIN is strong, not a bad company to be shareholder in, currently I own zero shares.
If another buyer comes in then my target is 10c.
Independent of this Good Luck to all in 2023... a good board to read.