It seems to me that MLX is like the Jealous ex boyfriend not able to let go. And they only went on one date. lol. I can't see what was wrong with TAM trying to find a better deal. Some would call it shopping. I'm no lawyer but surely TAM would have covered their bases prior to the rejection. The case would surely be costing TAM some good coin.
''Allied Properties Resources Limited, a substantial shareholder of Tanami, has confirmed to the Tanami Board that at the Tanami Shareholders Meeting: 1. it intends to vote in favour of the Northern Star Transaction, subject to there being no superior proposal received by the Company or Tanami NT during the period from the date of this Announcement up until the time of the Tanami Shareholders Meeting; and 2. provided there is a superior proposal at the relevant time, it intends to vote against the Metals X Transaction. Gerard McMahon Chairman''
Sounds like the deal had it's conditions outlined in the first place. It so with stop losses it should be worth a risk.
However MLX hit out saying this
Metals X CEO Peter Cook said: “We have a deal with Tanami. We have an enforceable agreement and we believe our rights and entitlements have been breached. We will take all necessary action in any appropriate jurisdiction to enforce our rights and entitlements in the interests of our shareholders.”
I think MLX should go buy a bucket of ice cream and watch the Note Book with Ryan Gosling. Might cheer them up. lol
TAM Price at posting:
4.0¢ Sentiment: Buy Disclosure: Not Held
