Do you think that the board and instituitions will say yes to a takeover? It will be a repeat of the Xstrata takeover of MIM. i.e Buy when the commodity is depressed and reap the benefits in a year or two.
The market appears to have not priced in the development pipeline eps growth. A takeover bid would make the analysts reassess the value of the merged group and potentially the new company could keep the bidder at bay. BHP got WMC for a song, Xstrata did the same with MIM. Do HC people think that it will be 3 times lucky?
The day traders and arbitagers may say yes to a t/o, but I would suspect that a lot of shareholders are in for the long haul.
It would have to be a signifcant premium to get me to accept. The premium would also need to take into account future earnings.
For me personally, anything less than $8 per share is a no go.
ZFX
zinifex limited
whos brave enough to hazzard a guess , page-5
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