That's a given.BHP already stated that if a more favourable...

That's a given.

BHP already stated that if a more favourable counter-bid came along it may make another offer.

(In other words, they are not even trying to hide the fact that their first bid is pathetic. Also there would be no competition as RIO is already a IO JV partner).

Now a few days before the BHP-UMC bid was announced the FIRB unprecedentedly stated the % guideline of what China can buy (for greenfield juniors - less than 50%). This coincided with a few days before by a very public BHP attack on Chinese investment in the mining sector (coincidence ??)

CRM effectively couldn't counter-bid knowing the FIRB already was peddling BHP's line.

Now, if the deal get's voted down by shareholder, it's a counter bid of sort.

BHP may have thought since the UMC directors are such greedy crooks too busy to line their own pockets, why pay a premium when only the abject MINIMUM will do.