If major holders come out and say the offer is too low then their only option, imo, is not to sell the shares. CGNPC don't care because they will control the business regardless via KAH and/or any EXT shares that are tendered. They want to control where the uranium goes - to China to ensure security of supply - and they can do this with or without the EXT deal. Seems to me ASIC have forced the EXT deal.
EXT shareholders then become minority shareholders in a business that needs BUCKETS of capital and no clear route to exit their holdings with a sliding share price reflecting those facts - plus if they don't participate in any equity raising they will get diluted.
EXT Price at posting:
$8.47 Sentiment: None Disclosure: Not Held
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