RE:RE:first non binding offer for ATACTrue, ATAC may be precluded from actively engaging in negotiations with any other party besides Hecla until the exclusivity period ends. However, that does not prevent other companies from publicly presenting bids to ATAC management and shareholders.
In fact, ATAC doesn't even need to negotiate with Victoria right now as it is public knowledge what their initial and Hecla's counteroffer consist of. Victoria knows that if it wantst to play ball it needs to structure a deal that allows ATAC shareholders to keep the non Rackla/Connaught properties via a spinco with a minimum of $2mm cash infusion, all cash on hand as well as offer substantially in excess of 14 cents CAD a share.
If I were Victoria and wanted Rackla, I'd counter with say 17 cents CAD, along with throwing Connaught into the spinco and a $3mm cash infusion. Who knows, Hecla would probably up the ante after that.
What we need here is a good old-fashioned bidding war that reminds everyone what made Rackla so lucrative 12 years ago at the heights of the last bull run in the precious metals.