no independent valuation in target statement, page-12

Independent expert reports are not required unless certain conditions are present in a takeover offer such as common substantial shareholders or directors. There is no legal requirement to commission an independent expert report in this case and given that Zinifex will never obtain 90% without Jinchuan and management approval there isn't a point paying the 100k or so to get an IER just for propaganda purposes... With Jinchuan support this takeover will not proceed at this price.

Norilsk and Xstrata may have something to say about that. They've acquired Lionore and Jubilee and much higher multiples than this. I imagine ZFX is trying what TTY and Pallinghurst tried initially in the Consmin war... I think the bidding started around 2.50 and ended up near $5 there so anything can happen... Doesn't seem like it'll work to me.