Re: can Wyloo with their offer?
I don't think so. From Wyloo's press release:
Pursuant to a statutory Plan of Arrangement under the Business Corporation Act (Ontario), each Noront shareholder will be given the option of (i) continuing to participate in Noront’s unrealized potential by remaining as a shareholder, and (ii) accepting cash consideration of Cdn$1.10 per share for some or all of their shares.
Noront shareholders do not need to take any action.
The Wyloo Offer is subject to BHP’s right to match period of five business days. If BHP does not exercise its right to match, Wyloo Metals and Noront will immediately enter into an Arrangement Agreement.
Since BHP has publicly, via their own press release, stated they won't match Wyloo's offer, one could argue that Wyloo could withdraw, or reduce, their offer before BHP's right to match period officially expires (e.g. within 5 days). IMO that would be suicide - nobody would ever want to do business with Wyloo or anyone associated with Wyloo (e.g. Twiggy, et al) ever again.
Otherwise, the Wyloo offer becomes legally binding immediately (Wyloo's wording) after the BHP offer expires and they will be obligated to offer each and every shareholder $1.10/share.
GLTA,
Hobbit
