I think Nystar will indeed make another try. They themselves are...

I think Nystar will indeed make another try. They themselves are share holders. Even if they know their next bid will not succeed, as far as it forces Toho to have another move (e.g. lift partial take over offer, or throw money into rasp), they will get benefit as share holders.

The only issue is not to over bid.

I also think PEM might make an offer (a combination of cash and script). If they want a consolidation at broken hill and they don't do it now, then it will cost more to do it in the future. They do have 100M in the bank and ready to persue growth opportunity as they stated in their presentation/half year report.

I hate this proportional takeover and I do have a strong feeling the game is not over yet. I would hope there is a full takeover or an script transaction with PEM (this is my prefered outcome).