Posted on CEO.CA......interesting theory about the strategy of each contender....

i think that Wyloo is now waiting for the lock-up agreement between BHP and management to lapse so that NOT isnt on the hook to pay BHP the $13 million they would have to pay if they supported a superior bid. I think that agreement lapses on or about November 9th . I suspect we either get a superior offer from $BHP prior to the 9th OR we get a Formal offer from Wyloo after the 9th . Either way, it's getting close to a new bid coming in IMO. Bottomline is that both Wyloo or BHP need 50% of the shares they do not control to vote in their favour to get this deal done . Management will be forced to lock their 9.9% again with the next formal offer over 55 cents because they did on the first offer of 55 cents and argued that that was a fair offer. Super interesting situation with Wyloos 37.25% and $BHP's 3.7% this only leaves 49.15% sitting with the rest of us shareholders. Both suitors need damn near all of us to agree to get the deal done without the other or they work together . At the end of the day this cant go on with one bid pushing up the action price until the next bid comes in and pushes it again. There has to be an end . the only question is will the end point be at fair value or higher . Hard to say when you have 2 giants with massive egos fighting each other . Ive been adding shares to keep my seat at the table . good luck to us all :)