GRR, page-17

What are you smoking??
Who is going to take over Grange?
It certainly won't be Jaingsu Shagang http://www.sha-steel.com/eng/.
They already owned Savage River 100% years ago via Australian Bulk Minerals (ABM) and did a merger with Grange Resources in 2008.
http://www.aspectfinancial.com.au/asxdata/20080925/pdf/00883501.pdf
You can be sure that Shagang won't agree to any outsider making a takeover bid.

Grange is not a exciting stock and suffers from lack of promotion by recent GRR management. The company also suffers due to many shareholders who exit to take profits every time there is a few buyers.
Frankly, I like the fact that the share price doesn't go up much, it gives the opportunity to keep buying more and more cheap shares and then enjoy the dividend which is more than 10% including franking credits. Bank interest is near zero so buying more Grange shares is about the best investment you can make in a low interest rate environment.