cf's new cash offer for dml, page-17

Given the fact that Cathay's bid lapsed in February, Cathay cannot make a lower bid under takeover laws until June.

In order to make a lower offer, a scheme is required, which will require DML to play ball. I think that Cathay's comments are an attempt to get DML shareholders to put pressure on DML to co-operate (which is the only way to proceed, unless Cathay wants to wait until June).

Plus, despite the fact that Cathay says it are willing to compete with other bidders, a due diligence period of 10 days won't be enough time for any other acquirer.

What I'm really looking for is DML's production costs. Although DML is partially hedged, it would be good to see whether its production has a chance of being economically viable longer term.