LUN takeoverOK,
I'll start by saying that I've been a shareholder of Lundin since 2007. I survived the crash, didn't sell anything, bought some more at the bottom, saw the HudBay debacle and have now seen the recovery.
Ok, so lets do some math.
EQN is a 4.4B$ company, they have about 300M in cash on their balance sheet, which means that it won't be a cash deal.
That leaves an all-stock (or nearly) deal the only way that this can go.
Also, considering that they are similar in size as far as market cap goes, its quite possible that it will be a proposed merger, and if it isn't, EQN will have to nearly DOUBLE its number of issued shares. (which won't go down well will EQN shareholders, when they will have to vote on it to approve.)
Now, the Symterra transaction valued Lundin (with a 48% stake in the new co) at about 8.00$ per share. To be considered a "superior offer" ( have you read the information circular that was mailed out???), it has to be materially higher in value to Lundin shareholders and done in good faith. Also, don't forget about the 120M break fee Lundin would have to pay Inmet; that is a cost a new suitor would basically have to pay.
All things considered, the deal would have to value Lundin at north of 9.00$ to be worthwhile to shareholders.
Although this transaction (we'll see tomorrow) might be a better deal short-term, I find myself thinking that in the long-term, a combination with Inmet, with its Cobre Panama project and its $1.2B in cash, might be the right way to go.