http://news.smh.com.au/breaking-news-business/potential-new-bidde...

http://news.smh.com.au/breaking-news-business/potential-new-bidder-for-nqm-20100901-14nbr.html

AAP

Takeover target North Queensland Metals Ltd (NQM) says it has received an unsolicited approach from a third party that could lead to a superior bid to offers by fellow gold miners Conquest Mining Ltd and Heemskirk Consolidated Ltd.

NQM said the party, which it did not identify, had proposed to make an indicative, non-binding offer.

"The third party has indicated that such offer would be at a higher price and capable of being considered a superior proposal to the competing offers made by Heemskirk and Conquest," NQM said in a statement on Wednesday.

An offer or final proposal would only be made on the completion of satisfactory due diligence and fulfillment of certain conditions.

"Shareholders should understand that it is at a very preliminary stage and may not progress."

Two of NQM's three directors have backed Heemskirk's bid, while the third director, Don Walker, is backing the Conquest bid.

Conquest's offer is half a Conquest share plus 15 cents cash for every NQM share held, valuing the target at about $67 million based on Conquest's closing share price on Wednesday of 37 cents.

Heemskirk has bid 1.2 of its shares for each NQM share held, which puts a price tag of $63.7 million on NQM based on Heemskirk's closing share price on Wednesday of 26.5 cents.

Heemskirk's offer closes on September 10, while Conquest's bid closes on October 1.

? 2010 AAP
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Fair and reasonable value, as per independent report = 40c to 44c.

CQT offer as of today = 33.5c.

HSK offer as of today = 31.8c.

Let's hope the new suitor gets us to at least within the fair and reasonable range of 40c to 44c.