I'm not saying it wouldn't be considered Dentie, I'm saying an...

I'm not saying it wouldn't be considered Dentie, I'm saying an outside company wouldn't make one.

You're thinking too much like a scorned investor (even though you aren't) and not enough like a businessman.

Scenario is this, you're looking at a company that just had a bid made at 33c, by a majority shareholder who owns 19.6%.

You like the asset and want to be in the niobium space. You're cashed up and have money to spend. Looking at tremont who just paid 55million, in cash, in their offer, what do you think the offer you would have to make would be to be successful?

80million? 100million? remembering that tremont can veto your offer (as a shareholder) regardless of whether it's fair or not, here are the options:

1. they make a huge offer and it gets accepted and they overpay for the asset.

2. They make a slightly better offer, tremont counters higher, they don't win the asset and they waste time/resources making the bid, and they put tremont offside who could be a partner or capital funding for them later

3. they don't make an offer and focus resources elsewhere

It's obvious nobody can make a real offer at this while tremont holds 20% shares, and if they do, it'll either get matched or rejected and simply off-set tremont. No other business has anything to gain by doing that. It's not good business.

It's wishful thinking by anyone that another offer will be made, simply because of how many shares tremont owns.