RE:RE:RE:Let's be objectiveLUN is still 9 days away from even making a formal offer. Yes, I would think they would be having back channel discussions with NSU, but also believe NSU is having back channel discussions with other players, foremost FCX and probably RIO. It would surprise me if FCX let this go so cheaply.
As Institutions own 70-80% of NSU, it'll be their decision in the end, so NSU also needs to handle them carefully.
It's still early in the game, so I remain optimistic the the eventual take-out price will be higher, at least in the US$4.50 - $5 range, and possibly even more.