There will be no bidding war. CSM management is too smart to let...

There will be no bidding war. CSM management is too smart to let this happen. Before you start a takover you make sure you have all the bases covered.
Looking at the substantial shareholders:

CSFB - 18.82%
David John Reed - 4.76%

David Reed is the MD of RDR (Reed Resources). ;)
He holds about 37% of RDR, CSM holds just over 13%. Reed is already under a strong influence of CSM and this partnership will now evolve into a collaboration to take over TIR.

The 15% of TIR stock already owned by CSM was probably bought from CSFB and the latter will be a willing seller of the rest. David Reed will sell to CSM because he will be getting his own payday very soon.

Still, this will be great for TiR shareholders. Not so sure about us CSM holders, for the short term anyway... TIR has the potential to operate 3 mines so it would be good for us CSM holders to get a hold of those assets.

70cps though I think will be a bit of a big chunk to swallow. TIR at 70c will be capitalised at $125M. CSM at current prices has only a market cap of $170-80M or so. Can't see the conservative CSM management paying that much.

I hold CSM