The formation of Glenstrata is one step closer today.
Yep, the combined companies with a common objective to spear head their foray into iron ore (focuing on AFRICA I should add) must be ringing noises in HanLong's ears.
The proposals (as speculated by the press) must already have an indicative $$ price tag.
Should Cameroon and Congo do the honorable thing and neutrally and impartially grant the mining permit to the respective Sundance companies with no POISON PILL thrown in, it will be HanLong's nightmare and those who for various reason don't want to see the takeover transact a cents higher.
Retrospectively, HanLong could have done themselves (I mean the People's Republic of China) a favour by progressing with the 57 cents bid instead of allow SDL to get the no-talk-no-shop waiver.
This could still (possibly) end up to be a very costly Chinese own-goal out-maneouvering-oneself dumbass opportunitistic screw-you back-fire mistake.
How EMBARRISING and HUMILIATING it would be if the PRC (thru HanLong) has to up the offer again above what it has officially deemed to be a REASONABLE price.
Just can't see how the hedge funds and retail share holders accept 45 cents if any offer (regardless of gotchas in the mining permit) comes in higher.
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