toho ups the ante, page-2

Its pretty hard to get Scheme of arrangement through when the company you are trying to buy is in the clutches of a 25% shareholder who I doubt would want to sell. Im pretty sure that's why they are buying on market currently (see substantial notices) so they can block Nyrstar's proposed Scheme all by themselves.

Nyrstar and Toho are CBH's largest customers so they both are going to want to secure that supply.

I dont know why Toho would make a higher bid when they own a blocking stake. (That is sort of the point of owning a blocking stake).

Maybe if Nyrstar made a massive offer they would be sellers but I doubt it. they have owned this stake for way too long to sell out at anywhere near these levels, plus Im sure they bought this stake in the first place to secure supply. That hasnt changed.

Even if the board recommends it, Toho can still block it.

Dont know how this one will play out.