low ball chinese bid tossed out

http://www.businessspectator.com.au/bs.nsf/Article/Discovery-deem-Cathay-takeover-bid-inadequate-pd20121011-YY8LK?OpenDocument&src=hp3

Discovery deems Cathay takeover bid 'inadequate'Published 4:46 PM, 11 Oct 2012 Last update 5:06 PM, 11 Oct 2012

Discovery Metals Limited has deemed Cathay Fortune Corporation's unsolicited, indicative, non-binding, $1.70 per share, takeover bid inadequate.

In a statement to the Australian Securities Exchange, Discovery said its representatives told Cathay and CAD Fund that the price proposed was inadequate and did not reflect, in the context of a change of control, the value of the company’s operations and expansion plans.

It also failed to reflect "the potential to increase the resources on the company’s tenements through further exploration, the strategic value of the company with an operating project and management team in Botswana, and the scarcity value of the company"