exarro next move, page-3

It is also possible that Exxaro will walk away.
Now that Noble has shown their hand, Exxaro would be smart to realise that they'll have to pay 'over the odds' to get it now. There is only a 20% chance that Exxaro will bid higher and they know that the bid will need to be increased a long way to stop Noble in their tracks.
Obviously, if the bid is increased much beyond 50 cents then it means that they think they can generate more cash that the current clowns are doing.

At the same time I would have thought that Noble would have put in a much higher bid to stop Exxaro 'once for all' but the Noble offer was pretty crappy really. They are trying to 'win the day' just by making it an on market T+3 settlement. But you have to admit it is a clever play by Noble.

I never thought that Exxaro would get TTY, so why would they bother to get into a bidding war with the Noble Group.
It has however been very good for TTY shareholders.