3% creeping acquisition limit exceeded - takeover offer tomorrow morning?, page-57

I think you're both drifting from the discussion, which of course is natural if you want to support your prejudices. My statement was very simple: on ANY metric, MGX is worth more than its cash holding. Valuing it's currently profitable operations and assets as zero is both a nonsense and an unsustainable argument.

While you could argue that the market is always right and that MGX's current SP is how the market values the company, the original discussion was on t/o value. There is very little chance that the board of MGX would ever support any t/o at cash backing only. No matter what your views are on value. I can say this with considerable confidence as the majority of MGX is owned by Chinese interest who are in it for the iron ore business, first and foremost. To think otherwise is incredibly naive. It also completely ignores the fact that, if those majority shareholders wanted a cash backing price, all they need to do is have the company do a capital return.

So no, nobody will be buying MGX at cash backing and "get a profitable business for free".