PRB is in a unique position - low float, with just over 40% tightly controlled - so we could successfully fight any low-ball bid, just as Osisko just fought off the bid from Goldcorp.

What it would take is a rapid statement from management, advising against the offer, and groups like PSU coming out to say they won't tender shares.

Soon, we will have to get ready - undoubtably, the number of shares now controlled by PSU has increased - we will need an updated tally.

WB