RE:RE:TMAC value without SD Gold offer in playSD Gold has the right to simply match any competing offer. Given the very low valuation of the current offer, any reasonable competing offer that better values the company will be happily matched by SD Gold, who will end up paying a more reasonable buyout to existing shareholders. Current management and board is prohibited from helping any competing bidder. Preparing a compliant bid is expensive, why would you waste the time, energy and dollars when you know SD Gold will just match it and so still win the bid.
All reasonable alternative bidders will now bide their time until February 2021, and happily watch the cash on hand build within the Company which will accrue to them if they make a winning follow on bid.
QED!