I wonder if any interested parties would be able to stucture an...

I wonder if any interested parties would be able to stucture an offer whereby if they were outbid by Heathgate (and the transaction went through) they would be reimbursed for the costs associated (+ a bit extra) in making the offer. This would come out of what Alliance would then receive. It would be easy way to remove some of the barriers for a company to make an offer. Im sure I have seen similar type deals with companies paying penalties in some takeover scenarios. I can't even imagine it would be that expensive to to do the analysis really especially if you are just buying based on in ground value.

I really fail to see why there wouldn't be plenty of people who wouldn't be interested in the asset. Everyone will have a different view of value but if there is a perceived lack of interest plenty might feel they may be able to pick up a bargain. The market is the market for a reason and theres plenty of ways to 'skin the cat'.