There is 120 million shares. Book value .45. I think the shareholders would want more than the book value for their shares. So definitely more than .45/share

  B&A have 36 million shares of RVD already, of which they bought 10 million at .42/ share. So they already paid .42 and will pay more to buy the whole company. So again more than .45

There are 8 million stock options at mostly .50. So the major shareholders and directors who own those options would want more than .50

 There are around 18 million warrants mostly for .85

Shares owned by Sercor Ltd. for selling their Phosphate assets to RVD- 8,873,169 shares and 770 thousand Warrants.  Shares owned by  Biscoe Trading Ltd., Colfax Management Inc. and Moriarty Services Inc. for selling Fosfatar Acquisition – 14,127,219  shares plus 8,189,554 options, and 19,619,538 warrants. They are signicant shareholders and would want to make a profit on their warrants so would want more than .85.

The main directors of the company own shares and options and warrants  Keith, Stephen Cerqueira, Manoel   Options 1,529,554    Ordinary Shares  2,025,385    Warrants 15,385.     de Azevedo, Luis Mauricio F.      Options 1,750,000      Ordinary Shares 1,554,000     Warrants 154,000.  If it sold for 1$ they would make about 2.5 - 3 million each.

The  Bonito Phosphate Project  Previously: the Fosfatar Phosphate Project -which is almost ready to start production ie. 1st quarter 2013    -NPV is $63 million which ads  another .50/share on top of the .45 book value.

So my guess is the executive and major share holders will want ............   .70 to $1/share probably closer to $1  for the 114 million shares on a diluted basis that B&A  don't already own. Whether B&A will be ready to pay this amount we will have to wait and see. It would appear the least B&A would offer is .50

Of course there is no guarantee the deal will be done so there is a risk.

A little bit about B&A . Big pockets!!.

B&A Mineracao SA, the mining venture between billionaire Andre Esteves and former Vale SA (VALE3) Chief Executive Officer Roger Agnelli, is investing in fertilizers on a bet, corn and soybeans will outperform minerals.

 MBAC Fertilizer Corp. (MBC) had its biggest one-day gain in a year after B&A Mineracao announced Sept. 13 it bought a C$37.2 million ($38 million) stake to become the largest shareholder.

Esteves’s Banco BTG Pactual SA (BBTG11), the Brazilian investment bank that went public this year, and AGN Agroindustrial, Projetos & Participacoes Ltda, a company controlled by Agnelli, each hold a 50 percent stake in B&A