It is my personal feeling that Kinross from the start has just wanted a controlling interest in Aurelian and if they get the 50.1% they will not want to take a chance that another offer will come in if they don't grab the shares that they get and run...The below is from page 39 of the offer...

"On June 11, 2008, Mr. Burt, Mr. Anderson, Mr. Agro and Mr. Warman met at the offices of Kinross’
external legal counsel, Osler, Hoskin & Harcourt LLP, to further explore generally a variety of possible
transactions involving the companies, including both a possible combination with Aurelian by Kinross and a
possible reorganization of Aurelian pursuant to which Kinross would acquire a 50% direct or indirect interest in
Aurelian or its assets. No agreement was reached regarding the form of a transaction. A further meeting was
held among the same group of senior management personnel on June 25, 2008. Mr. Burt and Mr. Agro
confirmed Kinross’ interest in proceeding with further discussions on that basis provided that Kinross was
granted a period of exclusivity in which to seek to negotiate a transaction and conduct confirmatory
due diligence.
On June 30, 2008, Kinross management provided a draft form of exclusivity letter agreement to Aurelian
management, together with an initial information request list. A further meeting among the representatives of
Aurelian and Kinross was held on July 3, 2008, during which Aurelian management indicated that the preference
of the Aurelian board of directors in respect of the various transaction alternatives previously discussed was for
an offer by Kinross to acquire 100% of the shares of Aurelian."

Kinross was willing to do a 50% deal in June but Aurelian wanted a 100% deal so the deal was structured as it was. IMHO, and reading between the lines I think if Kinross gets over 50% they will take what they get and try and close the door on any other offers.

By extending the offer period they take a risk of loosing the 50.1% to another, better offer........Poker players out there....you decide...bird in the hand or screaming eagle by the tail....

Lets face it....either way if they get over 50% they will be in fat city...