I don't think that HudBay is in play, not at these ridiculously low prices.

If shareholders are ready to revolt on what looks like a way overpriced deal for Lunden, then what other company would come in and make an offer for fair value, which at today's price would also look too high? and not have a shareholder revolt of their own.

I really think that big M&A activity would have to be on hold until the SP recovers.

If HBM share price recovers significantly, then the company could be more attractive especially given that share holders are not happy and might vote for a reasonable deal. And a reasonable deal might cause a bidding war.

Interesting to see how this would play out.

JMHO - Andy K