Nyrstar's offer of 13.5c seems quite low if they were serious...

Nyrstar's offer of 13.5c seems quite low if they were serious about the takeover. CBH's share price had already been operating at or around 10-11c for more than 9 months. Also the offer was conditional on Nyrstar buying up all the convertible notes and a period of exclusivity to conduct due diligence. In all honesty there was no way that offer was going to get through.

Toho has really thrown the gauntlet down with its 20c offer for placement shares to stop Nyrstar in its tracks.

Not that Nyrstar cannot come back with a better offer. Nyrstar's market cap based on last traded price is 962 million which at an exchange rate of 1.5677 AUD/ gives a valuation of AUD 1.5 billion. Toho has a market cap of JPY 59.62 billion or at an exchange rate of 0.0123 AUD/JPY, a cap of AUD 733 million. On paper, and in theory, Nyrstar has deeper pockets but I doubt they would almost bump up their offer by eighty or ninety percent to say 23-25c to snare CBH. But as they say, never say never.