Coalworks takeover by Whitehaven

Whitehaven is making an off-market takeover bid of $1.00 for Coalwork shares.

No minimum required % of shares to b accepted. They already have 17.3%

Conditional upon the "strategic advisory" arrangement between Coalworks and Noble can be terminateed without any termination fees.

Coalworks did a a placement at $0.78 in April 2012 to Noble. (Noble now has 9%)

Is there a potential bidding war here? I am not sure but definitely worth a buy as I think there is limited downside.

(The post above was written on 7th May 2012 - Coalworks was trading at $0.99 then)