I have a look and made a comparison between announcements.
CF investment is right that:
- the reserves is overstated than it should (zeta pit)
- the cost $1.83 is higher than what dml mentioned $1.58/t (Page 27 of DML Target Statement Reject Offer).
Looking at the 2nd statement from DML, the CF target price $1.70 seems attractive.
This is only my opinion.