Those that are hoping for another bidder are dreaming I feel.JLP...

Those that are hoping for another bidder are dreaming I feel.
JLP have already agreed exclusive use of the Smokey concentrator for the next 8-12 months in a separate deal.

Also another bidder actually buying the mining right to Smokey would be faced with a 50% purchase tax from the South African government.(a relatively new law, that affects mining rights)
That's probably why these companies are "merging"

When valuing assets don't forget Tjate,with a NPV of $1.8b it will bring leverage to JLP. Also don't forget that PLA in their wisdom agreed a life of mine smelting agreement with IRS(Impala), that plus chrome penalties will kill any profit.
JLP will find a way around this I think and then use Conroast to extract maximum 99.9% of value from the ore.JLP enable Smokey to become profitable even at $1500 oz pgm.

I suggest JLP have plenty of leverage and PLA have some nice assets that the combined company can make very profitable, whereas any othe company on it's own will see UG2 and run.
IMHO.