@Punjabi - Hold-on for a second.  It may be somewhat premature to say that the second offer could be rejected too.  The bigger question for most people I believe is what happens if the first offer is rejected?  If this really is a referendum on Mantra, then the probability of seeing a price decline in UUU is at least as good  as seeing it's price advance.  Mothballing Mantra would result in downgrades to production growth forecasts that are likely to offset any balance sheet benefits.  Remember too, that UUU is already into Mantra for $150M and the unproductive asset will deteriorate it's ROE.  Many analysts have downgraded UUU but its share price for the most part has held.  If ARMZ pulled it's offer, I cann't see how risk wouldn't be to the downside.