Mystery bidder circling Resources Pacific

Xstrata's decision to lift its bid for Resource Pacific on Friday by nearly 12 per cent was not unexpected, but its declaration of the offer as final, without the caveat of another bid emerging, was surprising.

It's a call that Xstrata and advisors Rothschild may come to regret.

Soon after the announcement was made, one of the parties that had been in talks with the coal miner and its advisors at Citi decided it was time to get serious.

Apparently unwilling to enter a bidding contest with the deep-pocketed team from Zug, the unnamed party is at least interested enough to get access to the data room, where its advisors and legal people are now.

The purpose is to ascertain if they can make a higher bid work. If Xstrata can justify its offer through a feast of synergies, then it's a fair bet that the mining group considering this offer will need to match those. Unless, of course, it's a client.

Xstrata is offering $3.20 a share. Resource Pacific has valued its stock at $3.56 to $4.09.