Lexiconfs
You are correct and I would still refuse to accept a cash offer of anything under $10 ps.
If the offer came when FMG reached a high of $13.15, then 70% would be equivalent to $9.20 + the value of an in-specie distribution for the bauxite. IMO, that's quite attractive, especially when you consider how much we would lose due to CGT for a cash offer.
We should not be rigid but adjust our thinking relative to the market.
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