I would have thought a decision to reject a proposal was an easier exercise and therefore more likely to be prompt/quicker, whereas to firm up an actual offer underpinned by appropriate due diligence would be much more complicated/take an extended timeframe.

So is this worth a gamble at current pricing ($1.18/lower) given the upside would seem significant? And where will the market price go if negotiations are signalled to be discontinued, which is the downside risk?

Anybody feeling brave?