It is plain and simple, the Board want to clear the potential sale of its main asset without it's major shareholder (who has already had one tilt) running the show. You need to get 50% of shareholder approval to do that - as I understand Corporation law.
They can't sell the company because they can't get 90% shareholder approval as Xstrata can block.
You can't have a bidding war without at least 2 players.
You still haven't responded to my question ... what was your logic for voting AGAINST??
Phil
IRN Price at posting:
56.5¢ Sentiment: None Disclosure: Held
