On the other hand, if a takeover was contemplated, a suitor...

On the other hand, if a takeover was contemplated, a suitor would have to buy both MELs 40% and LMLs 60%. In order to do this they could either negotiate with both companies, or approach LML hoping they would be in a better position to negotiate a deal with their partner to acquire their 40%.

I doubt MEL would part with their 40% cheaply & would probably want a figure around the total market cap of LML for it - certainly a premium. This would require a massive capital raising. I think it would be more likely for a 3rd party to be looking at MELs 40% and if they bought that, would they stop at just 40%?