The people at BHP are very smart.  Time is on our [retail] side, for those of us who are patient.  Time is also on their side.  They may extend again, beyond December 14th.  If so, they'll probably accumulate another few million shares.  That doesn't bother me.  Either way, this is a waiting game.  The winners are BHP and patient shareholders.  The ones who aren't winning are the individuals who are tendering so they have money to spend for Christmas, and the individuals dealing with margin calls.