If I was Petaquilla, I would not even be negotiating with Inmet at this point; I would be talking to the company that wants to take Inmet over!  If Petaquilla sells itself to First Quantum, Inmet really has no chance of survivng on their own.  First Quantum, in turn, could probably save themselves a lot of money by paying a premium to acquire Petaquilla, and then an "average" price for Inmet.

Just my opinion