why not a takeover, page-6

Boydie,

The valuations of the two companies notwithstanding, I agree with Pita. Toho hold CBH for a very strategic reason i.e. to secure long-term supply of zinc concentrate, lead and silver and/or to hedge against long-term increases in the supply of its .

Nystar will find it very difficult to buy off Toho's stake in CBH. The strategic value of CBH to Toho is probably more than the value of its CBH shares on market. Nystar will have to provide a very, very, very high price to buy off Toho, way more than the 20c a share offer Toho have put on the table.