Yes, the merger was seen as insurance against takeover to weather the bust cycle. There is no way in this market to realise our value. What will JB be worth in 3 years with a producing mine and a refinery under construction? How do you value that now? Granted I am looking at it from a very long term perspective and others may have other priorities.
Bid speculation about Arcadium in The Australian, see link, page-152
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