Ann: LGL rejects acquisition proposal from Newcre, page-3

re: Ann: LGL rejects acquisition proposal fro... LGL has rejected NCM's bid valuing LGL at $3.87. In the past this would mean that LGL could well trade above $3.87 if the market believed a higher bid was possible.

Note the following in LGL's rejection:

The world class, long life nature of LGLs pure gold ssets would add a great deal to the value of Newcrest, as it would to some other companies, and the offer price did not provide an appropriate sharing of the potential benefits of the proposed combination, Dr Garnaut said."

Is the above inviting a bidding battle?

Also worth noting is that Newcrest have just announced:
"Newcrest notes todays rejection by the Lihir Board and will be making a further statement to the market later in the day."

A higher bid?