Is the IGO & SIR deal a done deal? Its not over till the fat lady sings, and Creasy has just had an interview with the FIN and its a corker....typical propaganda where he is flagging exactly how a counter offer should be made. Just before the IGO announcement they used the same strategy, a press briefing to say they were going to FIGHT OFF a IGO bid engaging some firm in Perth. joke.
here's some gems from the interview: "Speaking to the media for the first time since the deal was announced, Mr Creasy said the scrip-heavy structure of the offer, under which Sirius shareholders would emerge with 53 per cent of the merged entity, would also likely prevent a more appealing counter bid from a rival group." (read: you will have to pay more to beat them)
and this: "They [rival bidders] are going to have a problem if they want to jump over the top of [Independence] because one of the attractions of merging is that we, the shareholders of Sirius, are not selling 100 per cent," Mr Creasy said. (read: frame your deal around this or forget it!)
and this : Larger buyers keen on the asset "would want to give you cash", he noted, adding that was of little interest.
"Here we are in a rather poor market and, we, Sirius, have an absolute champion ore body," he said. "The market will improve at some stage so I would like to make sure I am exposed to upside when it happens. (read: you need to offer me more cash!!!)
