chinese chequers

This is developing into a very interesting tug of war.The question is who wants Sphere more? Obviously the board want Xstrata.But is Xstrata's final offer their final offer?
What Sin-Tang is offering is obviously more long term with the additional hex of debt and dilution. 2012 seems very optimistic for initial production. My guess not before 2014.
I'm sure that Xstrata must have done their homework and calculated all the possibilities with such a low bid and minimal equity.Xstrata will have to increase their offer significantly atleast to $3.50 to get this across the line.
I would be interested to know of any previous gambits by Xstrata to gauge how serious their intentions are.