I guess the small discount is understandable as there is a...

I guess the small discount is understandable as there is a chance that Landbridge walks away if they don't get to 51%.
That said I think it is highly likely they would sweeten the offer if they get close and stall.
I can't really accept that Landbridge is doing this because they want to own some csg assets in Qld, imo it has to be linked to Petrochina and their Mungi assets. For a start this bid will suck up all their cash reserves and if they walked they will surely be underwater on the largest parcel bought at 40c.
It will be interesting to see what they do if New Hope moves and offers say 45c. The board could still refuse and yet I think the market would lift to whatever New Hope offers as they have cash to pull it off. Idle conjecture but I can't see NHC letting this go through to the keeper so they can book a tiny profit after years on the register.

I would also love to know what Mitsui thinks of getting into bed with Landbridge...not a lot I would have thought given the friction we're seeing over the contested islands and the dredging up of old WWII sores to discredit Japan- i think it would be an awkward business partnership from the word go.