BHP first approached Toronto-based Noront in April with a proposal to acquire a 9.9 per cent stake in the company. While Noront was in favour of the arrangement, Wyloo refused to give its consent.

BHP came back in May with a new offer to acquire 19.9 per cent of Noront at a 10 per cent premium to the recent market price. “On May 17, 2021, Wyloo informed Noront that Wyloo had determined it would not provide its consent,” the document said.

Seemingly unbeknownst to BHP, Wyloo itself was interested in acquiring Noront. Later that month, Wyloo announced a proposal to buy the 77 per cent of the company it didn’t already own for $0.315 a share, a 31 premium to the market price.

Noront subsequently rebuffed the approach from Wyloo, and adopted a so-called “poison pill.” The legal manoeuvre makes it prohibitively expensive for Wyloo to buy Noront shares in the open market, thus preventing a creeping takeover.

https://www.theglobeandmail.com/business/article-bhp-was-rebuffed-twice-by-noronts-biggest-shareholder-before-making/?ref=premium