On the 26th of March 2008 Toho was happy for PEM and CBH to merge. They would trade CBH for PEM shares.
"Toho (CBHs largest shareholder (25.5%) and noteholder (25.5%)) has publicly stated that it will support the
merger in the absence of a superior proposal"
There is a possibility that Toho would be receptive to a merger now?
and,
Maybe at the right price, they may be a seller to Nyrstar with a side deal relating to supply of Zinc?
takeover offers, page-4
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