Looks like Wyloo might be backing off. Mind you, they could always resubmit a superior offer.  But they may have also worked out a deal with BHP, which would allow them to continue to hold a significant portion of the assets.

Yes, the 75 cent offer may be the last one on the table at the moment.  And if Wyloo capitulated to BHP by accepting a partnership, then that may be the last of the official offers.

But 51% is not what BHP wants.  Control is not enough.  And 51% is not enough to take full control.  Two-thirds is a useful number here.  Would BHP have 2/3rds of shares, by counting Wyloo's and the BOD's and possibly Bao and possibly other arms-length friends?  Maybe.  Even if that's the case, they're going to want to have more shares.  And anyone who doesn't want to tender doesn't have to (yet).  But 90% takes it to a stage where holdouts have no choice anymore, and their shares are tendered automatically to allow for 100% buyout/control.

So how does BHP get to 90%?  By waiting.  And then eventually offering a bit more.  And then waiting.  And then eventually offering a bit more.

I believe that corporate interests realized that they weren't able to shake the tree as well as needed.  So a new approach is needed.  The waiting game.

My memory/understanding may be slightly hazy on some of these details, especially if any of the numbers have changed in the past decade.  So if any of our long-term posters have any corrections to the above, I welcome them.  But the bottom line is, don't panic.

Remember Spider.