I am happy to be a minority shareholder and will only sell if I get an offer I can't refuse or if they compulsory acquire my shares. I can sit this out for years. Wah Nam has tens of millions of dollars at stake so they need to us a lot more than we need them.
This reminds me of Portman mining takeover - see below:
Cleveland Cliffs bids to buy Portman
* From: AAP * September 11, 2008 12:00AM
CLEVELAND Cliffs has launched a bid to buy the 14.81 per cent of Portman it doesn?t already own, in a $560 million deal.
Cleveland Cliffs, the largest iron ore producer in the US, is offering $21.50 a share for the 14.81 per cent of shares in Portman (ASX: PMM) it doesn't already own.
?The offer provides a straightforward cash exit for Portman shareholders and accepting shareholders will not incur brokerage or stamp duty charges,? Cleveland Cliffs chairman Joseph Carrabba said in a statement.
Cleveland Cliffs launched its initial takeover of Portman, Australia's third largest iron ore producer, in 2005 and fell short of the 90 per cent threshold required to compulsorily acquire the company.
The US-group had offered $3.40 cash for each share before increasing the bid to $3.85, valuing Portman at about $675 million.
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BRM Price at posting:
$4.48 Sentiment: None Disclosure: Held
