Still, First Offer I see on Buy-out at $20 as fair value and then Bidding War to the highest Bidder, $30-40.

Now that's the spirit!! LOL

I was guessing an initial bid of $12-15 with a final bid of $17-25. I would be shocked if there has not yet been any 'informal overtures' yet. Man, to be a fly on the wall in that boardroom. Several years back I was speaking to the President of a Company that had just been bought out (I had spoken to him previous to the offer as I owned shares) and he had mentioned that informal talks happen all the time - 'what kind of number would you be looking at'; 'would you be happy with $x". Nothing formal so can't be disclosed (imagine having a news release that said 'was having a few beers with the Rio Tinto CEO and he said he'd buy us for $15 per share"..lol) just normal business chit chat. There is no doubt in my mind some of this chit chat has taken place, no doubt at all.

For those that question the disparity between the share price and the possible value just try and see Zen as a private company, no stock listing. Would another business pay $1B+ for this company given the metris we know today? Damn rights they would. The Company I work for recently paid $1M for a piece of equipment that had a 2 year payback. We made the decision in a few days, it was simply a no-brainer. Not saying graphite deposits are a no brainer, I am saying business people will look at this and do waht we do - say Holy Crap this is worth a lot of money. Money makes the business world go round. And these big international companies are huge beyond belief. This deposit price, potential price is a week's income for some of thiese big players. Not chump chnage but easily handled.