Mercantile has no hope in hell in taking control of RIS away from the founders that still hold around 70%....Not at 20c.
The best it can hope for is to creep up to 30%....Not good enough.
If it really wants to take control , it will have to offer at least 40c.
Still a very early game.
Ann: MVT: MERCANTILE ON-MARKET T/O OFFER FOR RICHFIELD INTL. LTD, page-5
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