LRS General Discussion, page-18728

From reading the Ann. The Board’s recommendation is conditional on not receiving a better offer. This leaves the door open for another company to swoop in with a higher bid. I believe that Latin Resources could attract more interest, its worth waiting to see if another offer emerges.

Historically, counteroffers in mergers and acquisitions (M&A) often arise during the following stages: 1. After the Initial Announcement: Once the acquisition deal is publicly announced, other companies may see an opportunity to make a competing bid. This can happen soon after the initial announcement if other potential buyers were already interested or become interested due to the terms of the deal. 2. During the Due Diligence Period: Before the deal is finalised, there’s usually a period where the buyer conducts a thorough investigation of the target company (due diligence). During this time, other interested parties might come forward with a better offer, especially if they perceive the initial offer as undervaluing the company. 3. Before Shareholder Voting: In the case of a scheme of arrangement, like the one proposed between Pilbara Minerals and Latin Resources, shareholders of the target company (Latin Resources) need to vote on the deal. A counteroffer might emerge before this vote, encouraging shareholders to reject the original offer in favour of the new one. 4. Court Approval Stage: Even at the final stages, just before or during the court approval process, a counteroffer can be presented. This is less common but can still occur if a new bidder sees significant strategic value or if the initial deal faces hurdles.Counteroffers are usually most likely when the initial offer is seen as low, there’s a competitive industry environment, or the target company is particularly valuable or strategic.