low ball bid to mop up the low hanging fruit and acquire a blocking stake to discourage a competing bid
raise the bid to say 3.2c to draw out another bunch of cheap shares
maybe raise again to say 3.6c
if they get close to 90%, maybe keep raising until they get there, otherwise let the on market offer lapse
wait a while (not sure if there is a minimum waiting period) and then go back to management with a proposal for a scheme of arrangement (75% approval required) at an agreed higher price, which I would hope is an absolute minimum of 4.5c, but should be 6.0c+ to reflect a premium for full ownership and control.
All just my opinion, of course, and it really depends on Ibaera's perception of project value and where the price of gold and the AUD are going, as well as its determination to get full ownership.
There are also other possibilities, such as acquiring as many AZM shares as they can in a short time and then negotiating the sale of the project (in conjunction with AZM) to a third party. Who knows, maybe they have a buyer lined up!
AZM Price at posting:
2.9¢ Sentiment: Hold Disclosure: Held
