If a T/O offer is likely to come in.. will it be before...

If a T/O offer is likely to come in.. will it be before financing or once financing has been finalised? e.g. at the moment sitting on a 42m mcap and you might be able to take over for $200m or there abouts.. leave it till financing is approved and our mcap surely would be in the 100m+ range and you'll be paying 500m+?

Initially i was hoping for a T/O but given the economics of this project i think i'm happy to sit and hold.

Interesting to hear others thoughts.

Cheers