Cupcake - you are correct. That's exactly what I've been wondering about.
In theory, BHP could pick up a bundle of shares and end up with a not-insignificant portion of NOT. I re-read that notice again last night and the pre-amble states they and thier "affiliates" can buy NOT on the open market until the Expiry Time (COB on Jan 14).
And anything BHP does buy now would be at a discount to whatever final price they might be will to pay (e.g. an opportunity to save some $$$).
I plan a to hold on to my shares at least until we hear how much BHP picks up. Presumably they will have to disclose that sometime next week.
GLTA,
Hobbit