While I too would like to retain a stake in the New Noront, I’d like to see what they are proposing (as they say, the devil is in the details) especially given that Wyloo will have control and could take the New Noront private (at what price?).

Either way, one has to wonder what each company's limit is. 

I believe BHP’s offer is structured such that, if they win, they will have to pony up the full offer price for all the shares they do not own (~$350M if they match $0.70). On the other hand, Wyloo will only have to buy another 13% if they win (~45.5M at $0.70). That would suggest the scales are tipped in Wyloo’s favour.

Although they both have big and deep pockets, and IMO BHP’s are bigger and deeper than Wyloo’s, BHP must be wondering how they can win, especially if they want Wyloo out. 

If there is enough animosity between the two, BHP could concede but do everything in its power to make Wyloo pay up. But they could only do that by committing to a very high offer price. I think it was Spot that suggested $20. That would cost Wyloo $1.3B vs $10B for BHP. Now that’s high stakes poker.

Even if It’s Wyloo on the other end of a $20 offer, I’ll take it and run (hopefully before I have that previously mentioned heart attack).

Hobbit