No leaks.I can't see a $300m deal getting up my guess at $3.40...

No leaks.
I can't see a $300m deal getting up my guess at $3.40 to $3.50 the board would have shown them the door and gone back to work.
Come back when your fairduikum would be my guess.
So I am thinking it must be a lot higher or the board would consider it.

Cheers
Hotlegs

BC Iron bid expected today Sarah-Jane Tasker From: The Australian January 21, 2011 12:00AM

A $300 million bid for Pilbara junior BC Iron by Hong Kong-listed Regent Pacific is expected to be announced in Perth today.
Regent's key people are in Perth for the deal, which will transform the company into an iron ore producer through BC's joint venture with Andrew Forrest's Fortescue Metals.

It is believed the deal will be a cash offer. Recent share-based offers for WA iron ore juniors Brockman Resources and FerrAus by another Hong Kong-based company, Wah Nam, were poorly received because of concerns about the scrip.

Regent Pacific, which has ambitious plans to be Hong Kong's next major mining house, has previously focused on copper, zinc, gold, silver, lead and thermal coal. Regent's projects are all based in China and it owns a 97.5 per cent interest in the Yinzishan copper mine in Yunnan province.

The group, backed by Canadian millionaire Stephen Dattels, is set to be the first non-West Australian miner to gain access to Fortescue's Pilbara infrastructure.

Analysts believe Regent is likely to have done extensive due diligence on BC Iron, including its joint venture with Fortescue, and would be comfortable with the arrangements in place.

BC Iron operates the Nullagine project in the Pilbara in a joint venture with Fortescue.

First production started in November and the first shipment is expected this month.

The ore is trucked to Fortescue's Christmas Creek ore processing facility, from where it is hauled on Fortescue's railway to the Herb Elliott terminal in Port Hedland.