News: SBM St Barbara Determines Not To Engage With Silver Lake, page-10

Silver lakes play on SBM is dirty.

Reading between the lines of the AFR article they weren't engaging last year in a way that indicated intent, and they've waited until now to put forward a "conditional" "non-binding" offer that's linked to a share price where SLR holders have demonstrated a lack of support (as demonstrated through share price movements)

If the SBM / GMD deal doesn't go through in June because holders vote no (if a superior unconditional offer doesn't come through before) SBM will breach debt covenants and share holders will be the last to pick up any little scrap that remains from creditors selling off the pieces - this is the play that SLR are aiming at