General Discussion, page-1654

The likes of Mineral Resources have a few choices (if they want ESS):

1. Create a bidding war and try and secure ESS as the highest bidder; or
2. Wait on the sidelines and see if international purchase clearances are granted and how the independent report shapes up.

MIN has had a month and a half since the bid was announced. That is more than enough time to put in a counter-bid if MIN wanted to create a bidding war. If MIN are interested, they appear to be playing the waiting game and can do that for months without showing their hand.

Strategically its probably wisest for MIN to wait until the outcome of regulatory clearances is known. If regulatory approvals stop the existing bid, the share price is likely to fall. That fall might be a little bit and might be a lot. MIN could then use that new lower price point as their starting point and it may even mean their bid is below 50c. There's little point in bidding 55c, 60c or higher against someone that may be ruled out of the race.