Slap, that's a standard response from any company in the face of an unwelcome bid. Especially if there is bad blood between the bidder and target i.e. Kiernan and the old board. Also, he'd just come out and basically said that they had run the asset badly since he left. No great suprise they came back as hostile. It's all posturing.
As for a price drop - if there is, it will likely, IMO, be quite small, before continuing again on an upward trend.
TFE
territory iron limited
