The current offer is definitely too low and I can't see any...

The current offer is definitely too low and I can't see any realistic chance of success for SFR at the equivalent of $0.38 per share - and its all scrip, not cash! The NPV of MOD's development project already far exceeds $0.38 per share. Then we have the strategic value of the tenements and the undisputed exploration potential. I'm surprised that MOD's price has recently traded so low, however I think this was driven by (i) very poor trading sentiment and conditions for all base metal explorers and (ii) personally I believe that some holders have been selling their MOD holdings and switching into Metal Tiger on the back of broker reports (available on MOD's website) which say that Metal Tiger is a better exposure to Botswana exploration potential whereas MOD is a better exposure to mine development (refer Sprott report).

SFR have seized the day and lobbed a bid whilst MOD is trading at its lows on low volumes. As some other posters have said, SFR historically has driven for a bargain so I don't expect them to be overgenerous in negotiations. Having said this, they certainly need a new project as Degrussa's mine life is limited. Competing interest from other parties would not surprise - MOD is now listed in UK where the market is much deeper and there are fund managers, dedicated commodity funds, global miners etc who are much more familiar with African mining ventures - this exposure is valuable.

The fact that SFR lobbed an unsolicited bid after doing some due diligence (at MOD's invitation with the original intention being to explore doing a Joint Venture, see MOD's announcement) tells me that they are keen - rather than doing a JV and having say 50%, they want outright ownership.  

Lets hope materially higher bid/s emerge in due course! GLTA