WN, "Poison Pill" ?? What rubbish. The total acquisition cost...

WN,
"Poison Pill" ?? What rubbish. The total acquisition cost (including Plains debt) to Freeport was US$16.3Billion so a $220m commitment works out about 1.3%...not even significant.

There are also huge transactional risks in a major attempting a T/O. First and foremost is Country Gov't approval. All jurisdictions would need to separately approve the transfer of the PVD's country company and its share of permit to the acquirer. This can take months/years....just witness how long it takes Morocco to approve an incoming JV partner (12-20 months). No company such as FMC would sensibly risk spending even $100-150m in a T/O if it could not be assured that the assets transfer approval process would/could proceed without a hitch.

In any regard, the fact is that majors will and do acquire discoveries or coys with reserves, but they have no appetite for junior explorers without demonstrable resources. I've been in the resources/corporate game for 30+ years and I can't recall one example of a major taking out a junior pre-drill/resources. I'm happy to see your list of examples to confirm my expanding dementia.

Cheers,