higher offer, page-11

AGO are buying at least 10% to stop another bidder from potentially making a compulsory acquisition if another bid were to eventuate... e.g. Areva with Summit Resources.

It is a clever move. Because if another bid did come, it would probably be from a major and/or with a significant cash component.

But it also highlights AGO management fears that their current bid is not good enough and/or that there will be a substantially better bid to come. One would wonder about AGO long-term survival if they did not get GIR, given DSO tonnages and a mag biaeis. They really need this bid to work. But they are obviously preparing for other eventualities.