Agree with Bungy, if it is this early on then an attractive...

Agree with Bungy, if it is this early on then an attractive scrip offer circa $5 would be preferable to control the CGT implications and retain exposure to the resource.

If it was a cash offer I would imagine that it would have to be at a ridiculous premium to attract me. Perhaps more like $6.50-$7. (unlikely in this market IMO)

Opportunistic cash offers - not interested.

I believe there are attractive combinations from a scrip perspective, tieing up with a producer that can provide cash flows to minimise dilution but benefit from the higher grades at Railway. FMG is the obvious one but you couldn't rule out someone like Citic, Sinosteel, or even whatever they are calling the Palmer iron ore vehicle taking an interest.

Having said all that UMC is probably too small a resource to attract the internationals? FMG probably fits best in terms of synergies for both companies and Forrest hasn't been shying away from acquisitions - I think he made a tilt for some magnetite iron sands tenements in NZ?