Im not a fan of this new bid as it looks inferior to the previous offer by MIN.
At Min prices above $18.60, the outcome for AWE holders is lower. MIN closed today at $20.11.
This new offer gives added certainty of 50% cash, but the ratio is lower and therfore detracts, IMHO, from value for AWE holders.
At current MIN prices, the new bid gives a value of 83 cents versus 90 cents on the old scale.
AL
Ann: Recommended acquisition of AWE by Mineral Resources, page-25
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