From the offer....comments anyone?
The Offeror is making the Offer because it wants to acquire the entire equity interest in Noront. If more than 50% of the outstanding Common Shares not beneficially owned or controlled by BHP Lonsdale, the Offeror or any other person acting jointly or in concert with the Offeror are deposited at the expiry of the initial deposit period and the other conditions to the Offer are satisfied or waived, the Offeror will take up and pay for Common Shares deposited under the Offer, which would provide the Offeror with control of Noront.
If the conditions of the Offer are satisfied or waived at or prior to the Expiry Time and the Offeror takes up and pays for the Common Shares validly deposited under the Offer, the Offeror intends to acquire any Common Shares not deposited under the Offer through a Compulsory Acquisition, if available, or to propose a Subsequent Acquisition Transaction, in each case for consideration per Common Share at least equal in value to and in the same form as the consideration paid by the Offeror per Common Share under the Offer.
So I take it any other offers must come in BEFORE they reach over 50%... or it will be too late?
If they reach 50%+, then BHP can do a mandatory but out the hold-outs at 55 cents
If BHP fails to get 50%+ by the end of 105 days... then the offer dies?
Also wonder if BHP will exercise option to reduce from 105 days to 35 days with notice..
