Possible, but that would undermine Toho's image as a...

Possible, but that would undermine Toho's image as a shareholder-oriented company. I think they would have to respond to a further improved Nyrstar offer by matching such an offer at least partially. I feel Toho made a tactical mistake in telling Nyrstar they will prevent ANY takeover offer from them. This could tempt Nyrstar to pin Toho against their shareholders by driving up the price. The story will remain interesting.