Right now the BOD/Exec shares are bound to BHP by the lock up agreement they negotiated provided BHP is the superior offer. That offer expires Nov 9th unless extended or defeated.
If BHP doesn't get 51% of the shares it doesn't control (~5 BHP, ~10 BOD) it can walk away from the agreement or extend. Right now, with BHP offer being 'superior' there is ~85% of the shares in play of which BHP needs to get about ~43%. Wyloo has roughly ~38% so their is ~5% wiggle room for BHP.
If BaoWu with their ~5% hold out they are sc___d, if just the retail holds out they are sc___d, and I believe that if they don't start showing retail a little respect they are indeed sc____d!
... Been There
PS. Today's walk didn't help the share price.