what we might expect as an opening offer

As IVA is now back close to the issue price of its recent placement, it is time to consider what might be placed on the table to EXS holders as an opening bid in the auction likely to transpire in coming weeks.

I think that IVA need to open bidding to get the auction underway.

At $2.88 for IVA, they might open bids with a 4:1 offer that would value IXS shares at 72c each. We could expect such an offer to be trumped by Xstrata.

If IVA shares were to rise to $3, then the value of a 4:1 would be 75c but I would also expect such an offer to be trumped by anyone seriously wanting the assets of the company. However such an offer might be sweetened initially, (or subsequently to fend off a competing offer), with some cash. IVA has no shortage of cash at the moment, so that would not be a burden to them.