sweetened bid?

Seems there's plenty of people who believe the offer by Hanlon is low ball and there's room for an improved offer.

This from Business Spectator, which usually pinches all its news from other media outlets.

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Sundance Resources, Hanlong Mining
Moving to Sundance Resources, and the Africa-focused miner is in the sights of its largest shareholder Hanlong Mining, which has put a conditional 50 cents a share cash offer on the table. The offer values Sundance at about $1.4 billion dollars and while the target's board has labelled the bid inadequate, it is willing to engage with Hanlong. The fact that there is a full bid on the table is not a surprise given that the miner was seen as a juicy target as soon as it confirmed that it was in talks with a number of parties to sell a 50 per cent stake in its $4.6 billion Mbalam Iron Ore Project in central West Africa. That stake is being flogged at $2 billion, so it's small wonder that analysts have been saying for months that a full takeover, pitched at the $1.4 billion to $1.8 billion mark, makes a lot more sense for any prospective suitor. Handing over full control to Hanlong, which picked up an 18.6 per cent stake in Sundance in March, certainly takes all the headache of developing Mbalam off Sundance's hands.

However, the miner can probably do better than the 25 per cent premium currently on offer. Hanlong is the mining arm of conglomerate Sichuan Hanlong, which is also gunning for uranium miner Bannerman Resources, and has stakes in Moly Mines and Marenica Energy. Sichuan Hanlong is a far stronger and secure entity than the likes of Wah Nam Holdings and is clearly in a mood to play. Given that Mbalam is touted by many as the last big West African project not owned by a major, there is a good chance for a sweeter bid and the emergence of counter-bidders, like POSCO, cannot be discounted. Sundance is being advised by UBS, Clayton Utz and CITIC Securities. Merrill Lynch and Mallesons Stephen Jaques have been appointed by Hanlong as financial and legal