No other formal bid had been finalized to the point that it could be submitted to BCSC. Petaquilla had term sheets from more than one company. The point of the Petaquilla rejected application was that they needed more time because of the very complicated issues. Your statement about what other bidders thought is without merit and patenetly wrong. You obvioulsy knew/know nothing about anything that was transpiring, yet you write as though you do. You do not understand the law, confidentially obligations, or any of the issues that came to bear on this proceeding. Take a thousand dollars and hire a legal expert in the field to explain what took place before you speak as though you know and understand what transpired. Of course Petauilla did not carry the matter forward and waved the rights plan, because it was obvious to the board that Inmet was getting almost no response to their offer at either level. The whole thing was moot. Just as people denied that Inmet had had any contact with Quantum after the rumor leaked out in the media, those involved knew that in fact Quantum had already made and offer to Inmet that had been rejected weeks before. Quantum is well aware of the value of Petaquilla, and for that matter so is Inmet.
Inmet was just trying a "Juego Viva!" ,as they say in Panama, to steal the company because of ignorant "gringos" that might sell their shares. However, they soon learned that our large shareholders domestic and foreign, along with the more experienced and educated smaller holders, were way ahead of them. All they did was spend a lot of money and make themselves look foolish. The benefactor of their machinations was Petaquilla with a nice share price gap up and lots of good publicity. Inmet has one of the best law firms in Panama, Morgan&Morgan, yet they don't listen to what they are told. IMO they are blinded by arrogance and will learn an expensive lesson. If they are now taken out, thier shareholders will do well and their management team including Mr. Tilk will be history. Either way Petaquilla will benefit and Cobre Panama will be developed.