If there is only one bidder, it makes no difference what the...

If there is only one bidder, it makes no difference what the current SP is, they still have to pay a premium to succeed. Nobody can just bid $3.16 or even a pointless 10-20% on top and expect not to be laughed out of town. The SP may rise to a level where nobody bids because they no longer see a bargain, but it amounts to the same thing for shareholders except they can still benefit from LT further upside (actually they still can in a merger scenario.)

If there are two or more bidders, they will compete to improve on each other’s initial premium bid. That’s a bidding war. Shareholder’s profit will be maximized.

The only logical reason to have sold is if you believe no such bid will emerge from any player, in which case what has been built into the price may evaporate. Even then, most future valuations that consider the bullish Nickel price and Cosmos development suggest the SP would have been revalued higher sooner rather than later in any case.

The fact of the matter is IGO, BHP and Twiggy have all been flushed out of the closet and there may be others. There really is no chance one’s hand won’t be forced very soon. The only question is who blinks first.

So really, selling wasn’t particularly logical unless you are tired of money. Good luck.