My guess - PMT would like PLS to come on board as a strategic equity holder and JV partner. A data room had to be opened for this and naturally, other companies were allowed in.
RIO, Glencore, and ALB are my likely guesses as to who else was in the room. They knew that PLS was a front-runner however one of these companies decided to make a low bid anyway and thus the games started from what we have seen.
The question is what will PLS do - come in as a JV partner or decide to make an offer for a merger? We will probably know in a few weeks.
PMT Price at posting:
$1.64 Sentiment: Buy Disclosure: Held
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