BHP and Anglo American appear unlikely to strike a $64.4 billion deal before Wednesday’s deadline, as sources relay a lack of meaningful engagement under way between the target’s board and its Australian suitor.

Anglo American does not believe BHP’s first two offers were generous enough to warrant negotiations for an improved deal, putting the onus on BHP to decide how badly it wants the Anglo American copper prize, and to a lesser extent, its iron ore assets in South America and metallurgical coal mines in Australia.