Sigma ran a conference call late last night (which I didn't...

Sigma ran a conference call late last night (which I didn't catch). But the summaries I've read today seem to suggest the strategic review 'takeover offer process' remains in progress (whatever that means?)

Fundamentally, Sigma has an excellent low cost operation (last night's announcement showed some incredibly low provisional Q4 costs and there is upside coming in 2025 once the second train comes online and they will be hitting 520ktpa).

The issue over there is corporate (divorce / legal dramas - as you point out and very opaque information about the supposed takeover offers). I'm pretty sure Sigma (or their advisors) was/has been leaking information to the media, to try and increase the offer prices as well - which just makes the whole thing look amateurish - combined with them now being ~12-14 months into a takeover process and nobody even knows who the bidders and their prices.

A10 - private equity firm (the largest holder of Sigma is on the public record saying they want to recognise their profit, which 'should' mean a takeover offer would is more likely than not - but given it's >12 months into the process with no result - who knows?