People might be overlooking that the reported offer was cash,...

People might be overlooking that the reported offer was cash, scrip, and project finance. The offer was made on 11 July when Galan had 473.9M shares on issue (undiluted). Based on US$118M capex and them being 40% of the way through, they have around US$70M of capex still outstanding. It's obviously not clear how much of the US$150M was earmarked for the financing, but if you assumed (bullishly) they were going to stump up the remaining capex, that leaves US$80M or A$123M worth of cash and scrip for the company outright, which is $0.26/sh (undiluted) but unknown how much is cash and how much is scrip. It seems unusual because to me if you're bidding for a company you wouldn't include the financing, you'd acquire it as a distressed asset and then once you had it, stump up the financing yourself. Not surprising that Galan have to "clarify" a few things. What will be interesting is how long they take to do this... most companies turn around announcements on media speculation very quickly, but this is maybe a bit different because there's a related party sitting on both sides of the fence.