The BYE Options were significantly in the money last year when BYE went to 40c plus. At that point, a rational holder of options would have exercised the options (the time value was zero). Hence, the Board of MEL were not / did not acting rationally.
Add to this the Cooper basin assets which do not stack up on their own, why would Byron want to entertain a takeover of MEL, again. You need to do your own homework, ask the right questions of the right people and get the truth.
A good question to ask the board would be: Have discussions been held with BYE in relation to a takeover and if so, when and why did the discussions fail.
You should then ask the someone on the board of BYE the same question and see if you get the same answer.
The BYE Options were significantly in the money last year when...
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