So why is nobody stating the obvious?  Wyloo stands to make a lot by selling out to BHP.  But if they up their bid, and get into a bidding war with BHP, they win even if they lose.

It would be inconceivable to me that Wyloo won't come out swinging.

I believe that we will almost certainly see a third and fourth bid before the dust settles.  Perhaps more.

But I think the long-term holders here are at the mercy of those who would sell out at $1.50 per share.