Rio (who know a lot about that deposit since they are mining next door) took the money and ran. 89%+ of shareholders of KAH took the money and ran. $8.65 will be the offer, EXT Board will probably endorse it since they spend years trying to get numerous JV partners on board (including Rio) and failed. No-one will accuse them of failing to increase shareholder value - $2.2bn not a bad number.
Nobody new has become a substantial shareholder (5%+) in EXT since the KAH bid. IMO no one is interested or able to trump the bid and would not surprise me to see Rio tender their stake - if it makes sense to do a JV IT IS BECAUSE OF ROSSING next door and substantially lower costs and risk - not the shareholding Rio has in EXT.
EXT Price at posting:
$8.57 Sentiment: Sell Disclosure: Not Held
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