Bil will decline in price as it is the hunter, RIO will go up because it is the hunted (happens in all takeovers). I would expect Bil to cheapen a little further, maybe (because market conditions are pretty weak now, and due to turn UP soon I dont know though) especially if they make another bid. On the other side, if they end up in a bidding war and win against say, XSTRATA, Bil is looking mighty cheap today, who cares about another -2-3%... Usually once a takeover is sewn up, signed and delivered, the share price grows to reflect the premium incorporated from the combined entity... so, it depends on your time frame really... are you a short term punter? But if you have a taste for long term growth.... it could be interesting from these levels... imo Disclaimer.... Please, do your own research, think about all sides of the argument in your own mind... I am not an investment advisor, and know nothing about anything apart from picking great stocks.lol