BHP has until May 22 to make a binding offer under UK rules
Anglo rejected first two attempts, laid out restructuring plan
BHP trying to drum up support for its bid from Anglo investors

MELBOURNE, May 15 Reuters BHP Group39;s options for its pursuit of rival miner Anglo American include sweetening its 42.7 billion buyout offer, making a hostile bid or walking away for now as it approaches a May 22 deadline to lodge a binding offer.

As BHP weighs its next move, CEO Mike Henry and his team have been making the case for the megadeal on the sidelines of an investor conference in Miami and elsewhere to its investors, a large proportion of whom also hold shares in Anglo.

At this stage I think it is up to BHP to try to convince enough of Anglo39;s institutional shareholders over the coming week that it39;s worthwhile pressuring their board to engage with BHP, with a potentially even higher offer on the table should this occur, Morningstar analyst Jon Mills said.

Anglo39;s board has already knocked back two allshare proposals from BHP as inadequate and too difficult to execute and on Tuesday unveiled plans for a breakup to focus on energy transition metal copper while spinning out or selling its less profitable coal, nickel, diamond and platinum businesses.

That plan met with a mildly supportive response from Anglo investors, who said it provided a strategy but was short on details.

With the exception of Anglo keeping its South African iron ore assets and selling its…