To some extent I suppose youve oversimplified it. My outstanding...

To some extent I suppose youve oversimplified it. My outstanding concerns are

1) The fact that the company involved with the offer may be involved with insider trading
2) The implications of 1) to result in possible cancelations of bids - i.e. the bid price could be meaningless
3) The fact that the rest of the economy has gone further south that would enable the bid to be revised under the material adverse changes law
4) If the bid price is meaningless, or revised down, that BMN could return to the 20's if it were to fall at a similar rate to say, PEN or PDN

Youre right in that if you had to pick BMN or SDL theoretically BMN seems the better option IF the bids on both proceed. If you look at the projects in terms of economics ignoring the bid, maybe SDL is better (I dont know since I havent looked hard at SDL) and maybe thats reflected in the price

By way of comparison though EXT is remarkably robust, so you could argue that BMN should demonstrate similar robsutness given the context (if not the mine profitability) is similar.