Diversified miner Anglo American has rejected BHP’s request for more time to negotiate a $75 billion takeover offer, meaning the Australian suitor has to lob a formal takeover bid within hours or cease its pursuit of Anglo for six months.

Directors of Anglo said BHP had not done enough over the past seven days to deserve more time, and Anglo would instead enforce a British law that compelled BHP to either “put up or shut up” by 2am Sydney time on May 30.