Thanks for the explanation Been There, I understand the other posts better now, but it doesn't quite explain why the Board would recommend shareholders to tender their shares @.55. Isn't there a conflict of interest if the BOD keeps an alternative option open for themselves and recommends something else altogether to the shareholders? 

It's also not logical, because if the shareholders follow the Board's recommendation then BHP gets more shares at 0.55, and this then automatically precludes anyone else making a competing offer because they won't be able to match the number of shares BHP has.

Just thinking out loud. I guess the next few weeks will make it all clear.

Thanks again for replying.

A-G