I think the board would want at least cash backing per share...

I think the board would want at least cash backing per share plus some premium.

So if current cash backing per share is $70 million cash/$130 million shares (excluding options), that equals nearly 54 cents (70/130). Add in a 30% premium and you get about 70 cents.

For Usmanov, he would have to fork out another AUS$73.5 million for the remaining shares that he doesn't own (approx 105 million x 70 cents/share).

So essentially, he is paying another 3.5 million (73.5 - 70 million cash on hand from SRK) for getting full control of the company!

In total, he would have spent around AUS$55 million to gain full control.

And what's the bet that once he gets full control, D&C will do a deal with him?