Petrovsky, interestingly the $3.5+ per share (in production...

Petrovsky, interestingly the $3.5+ per share (in production status) valuation based on average EV/EBITA only accounts for the economics of mlaban-nabeba.

For China and glencore there will be significant premium associated with unlocking a huge supply from the region (afferro and core mining).

Factor in highly charged competitive tension (without which China wouldn't have lost the exclusivity in owning the asset giving China a say and us at the pointy end of the tender), a hefty winner-takes-all premium and a simandou'ish type valuation may in fact be conservative.

Petrovsky, a TO doesn't require a hostile bid per say. All the parties need to do is to bid for the asset equity at 100%. This immediately results in a change of control event as described by the noble raising scheme.

Whoever comes up with a decisive superior price (assuming both non China and euro camp epc solutions are sound) should in theory receive sdl board recommendation.