Not trying to belabor the point but in the circular issued by Noront on the BHP offer ... "an amount considered to be fair, from a financial point of view, to Shareholders, based on the financial and legal advice received by the Special Committee and the Board, including the TD Securities Fairness Opinion and the Stifel Fairness Opinion"
Attached to the Directors Report was the Stifel valuation initiated with the original Wyloo offer.
Based on the SOTP (Sum-ofThe-Parts) Analysis, the analysis results in a value per Noront Share of C$0.36 – C$0.68.
On the basis of the valuation the offer has already exceeded the value.