murchison bid on midwest doomed, page-7

The only chance that MMX have of the bid being successful now is if they considerably sweeten their bid. When sino get their stake up to 19.9%(where it appears to be heading) and Law and associates holding in the range of 40%-55%, MMX's bid is finished for now. The only way for MMX to succeed now is to sit down with the MIS major shareholders and hammer out a better deal.

Sino have played this beautifully if they used the FIRB approval as a delay tactic while building a blocking stake. The $5.60 non binding bid effectively stopped MMX in their tracks.

Will be interesting to watch where this goes from here.