"Patersons Securities analyst Simon Tonkin said it was possible that Glencore could emerge with a rival bid for Sirius but it was also possible that the offtake deal had satisfied the Swiss company's desires.
"I wouldn't discount the possibility that Glencore could make a rival bid considering they have circa $10 billion in undrawn credit facilities and cash," he said.
"But if they do, it would be on the last day or two before the [Sirius] scheme meeting on 3 September. An all-cash bid would be very attractive to SIR shareholders and the value of both companies [SIR/IGO] have reduced since the initial bid."
SIR Price at posting:
$2.57 Sentiment: Buy Disclosure: Held
