ML's Investors are f-kedML recently raised money at $4.00/share this year, I don't know what the investment firms think about this deal. The offer of US$280M=Can$353, is just about 1/4 its NAV of about 1 billions, plus 2nd project free.
Also ML has $50m cash, basically, Gangfeng is only value ML at about Can$300M = US$250M
Althought ML's project is not as great as NLC, but it is more advanced. NLC's market cap is about $465M, so the offer should be minimum $4.00/share at the equity rasing price. Since it is buy out, using NLC's market cap, the offer should be equivalent to $4.65.
The main gain from this deal is the MANAGEMENT, and our small investors are f-ked!
tiger