according to Corporate Finance Theory the market assumes/beds on a higher counter bid if the SP is trading above the current offer price. You can actually calculate the chances of success according to the market based on the excess SP. BBR has a higher percentage gain then OSK since the offer, so this would suggest that the market indeed bets on a higher counter bid.

Nevertheless something else boggled me during the weekend when I thought about BBR and the offer. Kinross owns 20% of BBR. Why would Kinross agree to be taken to the cleaners bij OSK? Of all involved parties you can be sure Kinross has a fair idea what BBR is worth, and I don't think that number is about 400 mio. And besides if the deal fails, do you think Kinross likes to pay 17 mio?

And why would Kinross led such a property go? 6.7 mio ounces in a safe country, nearby water, infrastructure, skilled people and good resource expansion potential? Cause it is no fit? I don't buy that ... they have for example Round Mountain USA which is an bulk tonnage open pit too... and by the way I don't think the current environment and the struggle for good resources allows for picky choosing of properties, especially if they have well over 6 mio ounces in the ground.

So in all.... it seems a bit strange to me. Maybe the involved parties struck some sort of (secret) deal, maybe a counter bit is coming... we'll see. But if you look at the BNN interview with the CEO's of OSK and BBR again I've the feeling Kinross has not really been part of this deal.

GLTA