Western Areas has been in takeover defence mode for the past month, having found itself in the crosshairs of a deep-pocketed suitor. To get in the door, the would-be buyer would need to be willing to stump up at least a $1 billion bid.
The hot money has been chasing battery metals of late, so the nickel miner was sure to attract some interest. But, if a bid materialises, it would be a major blow for short-sellers.