Actually what they are doing is probably testing the water with th $7 bid. See if they can flush out any other bidders with it and see what support they get from EQN shareholders. I'd be gutted and very surprised if $7 got up. The Rio bid for RIV was similar start off with something lowish and see if any other punters were interested.
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it's on. minmetals bids for equinox, page-18
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