To take advantage of FFX's position, if I was looking at LLL, I...

To take advantage of FFX's position, if I was looking at LLL, I would launch an initial bid for LLL at say 70c (knowing that none of the (non-FFX) shareholders would be likely to accept - but guess who would...???) Then with 17% of LLL (cheap) shares in my pocket, I'd increase my offer to something more reasonable (like $1 per share) to shake out more of the weaker (institutional & retail) hands. Then if I wanted to wrap up the rest - increase to $2 per share...

The average price would be bargain-basement for such a first-class project...