This is a fairly typical "under offer" pattern. You will...

This is a fairly typical "under offer" pattern. You will probably see some movement in the share price during the day, being closed out to roughly the offer price in the auction. The board hasn't agreed to the offer, they have just agreed to due diligence and non-solicit. But of course making the announcement amounts to an invitation for anybody else interested to have a go; especially at the offer price.

I agree with the general sentiment on this thread, but again consider that the directors have determined that it is in the best interests of the shareholders to "consider" the offer. Considering the offer signals other potential bidders that UXC is interested at the right price. Rejecting the offer outright sends the message that the company isn't for sale. The board hasn't agreed to anything binding and the exposure of UXC is limited to the break fee.

Having said all that, UXC has spent an enormous amount of effort and profit on strategic acquisitions, positioning the company in key global markets. The cost of these acquisitions has had a huge negative impact on profitability, cash flow, share price growth, and dividends to investors over the last few years. Many of us holders have borne the pain time and time again of this company announcing yet another takeover just when the company seemed poised to take off and fly. I regard this stock as carrying a deficit in terms of missed growth and dividends, which I expect to have paid out either through trading or as part of a deal for sale.

The company is once more at a pivotal point where our suffering and our loyalty finally seem to be about to be rewarded. We have no need to sell. We have a tremendous long-term up-side opportunity for which we have waited a very long time. Bidders, you have to pay for that if you want to take it away from me! I plan to spend some time with the reports and make some projections, but I cannot imagine myself voting my personal and superannuation holdings in favour of an offer below $1.50. My initial gut response based primarily on emotion is that a fair price is somewhere between $1.50 and $1.75.