4 links below highlighting what price the major share holders (LIM, Aus Super, MTR) got a good portion of their shares at. Any takeover will need approval from these major holders, and if the offer is below their cost base you have to question whether they would accept the offer.. minimum 55cps to satisfy these guys IMO.
https://www.modresources.com.au/sites/default/files/asx-announcements/6883979.pdf
https://www.modresources.com.au/sites/default/files/asx-announcements/6842877.pdf
https://www.modresources.com.au/sites/default/files/asx-announcements/6849319.pdf
https://www.modresources.com.au/sites/default/files/asx-announcements/6859445.pdf
Sandfire, page-15
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