CJR, it could be several reasons why an offer hasn't come. Most large companies may not want to deal with VZ/Hugo. Why spend all this money on acquiring shares if the permit will never come? There are targets in less risky countries. Maybe not as large but certainly less hassle.

Secondly, it could be because they realize that an offer would have to be more than 2 times our market cap.

Third, you have the cost of the bondholders to pay off although not significant.

Fourth, Fung's $2B statement may have set a minimum asking price which spooked some people from entering the fray.

And last, you may see someone try and enter after things are settled (JV/permit, etc). They could buy out KRY's portion.

All just random thoughts.