Risk point two, in their news paper AD foreasts a failed and...

Risk point two, in their news paper AD
foreasts a failed and withdrawn take over bid with a subsequent price fall.
Note they only achieved 53% well short of their target and time line.

Chances are that those that accepted early won't see the 80% take up needed for their CGT relief,
and then see the take over close, whilst NWE soldiers on with minority shareholder ready to reap the benfits of a touted price fall prior to spud of a transformative drilling program.

6 months down the track MIN will have to make a new bid at a much higher premium (given success in the risky drilling program that they wanted all for theselves) and those that sold out too early dump MIN shares with FOMO to get back in.

MIN is already being dumped, maybe by those that jumped ship and others expecting a report not as good as being touted due to various macro factors,
decling lithium price due to chinese subsidie cuts and increase supply, Covid project delays, inflated project costs and increase borrowing costs.

All in my own opinion.