wni seek to issue up to 1.054 billion shares, page-5

About $120M, give or take, is all it would take to provide enough funds for a cash offer for the rest of FRS. That's what I think WN are gearing up to do. Notice how they have left the FRS takeover open still, but closed the BRM offer.

I believe the focus is now on getting the rest of FRS. It is smaller and easier to get than BRM. I reckon they'll upgrade to a cash offer on FRS soon, which will be unanimously accepted by the board and recommended to shareholders. Look at the recent statements from FRS. I think they will be ready to accept. If so, could be a good move to pick up some FRS shares for a quick profit.

This is just where the dots have led me. Sadly, I don't see a cash offer for BRM. Not unless WN issue another 3B+ shares.