I agree as the full duration that the offer can run for is not practical as there are some key dates that occur well before, including the end of financial year in 4 weeks, and the AGM in November. Both of these will have an impact on appetite for offer acceptance and TIO needing to avoid an AGM where they are the major shareholder but without a majority holding (i.e. over 50.1%).
The one thing that sits in the back of my mind is if OCJ capitulate on the current offer in less than 2 days before its current end date and FMS/TIO get to see this but the market isn't advised and the offer closes it may leave everyone exposed. However TIO may well extend the offer as a result.
Using current results TIO has about $80m left of its initial $105m capital budget so that leaves about 4 cents a share for hovering up the rest.
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