Re: Glencore (?)

HIGH-GRADE NI-CU-PT-PD-ZN-CR-AU-V-TI DISCOVERIES IN THE "RING OF FIRE"

NI 43-101 Update (September 2012): 11.1 Mt @ 1.68% Ni, 0.87% Cu, 0.89 gpt Pt and 3.09 gpt Pd and 0.18 gpt Au (Proven & Probable Reserves) / 8.9 Mt @ 1.10% Ni, 1.14% Cu, 1.16 gpt Pt and 3.49 gpt Pd and 0.30 gpt Au (Inferred Resource)

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sir goose

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Re: Glencore (?)

in response to

Re: Glencore (?)

anti-gremlin

posted on Aug 02, 2021 06:51PM

I am confident the endorsement of management was required for BHP to make the offer. It assures them (BHP) that the board won't use the shareholder rights plan (poison pill) to try and stop or increase the offer price.

Given the timing, and the fact that the price is just higher than the Wyloo one (should Noront have used the poison pill, I believe all shareholders would get 1.5 the value or .315*1.5 = ~.47 per share) - it was either endorse BHP at the higher price, or nothing, which guarantees a lower price even after enacting rights plan, from Wyloo.