competition, page-4

Quote from the Australian Newspaper yesterday - Cathay Fortune 'said it won't pursue an acquisition if Discovery's board doesn't "positively respond" to its proposal.

I have sent an email to the board asking that they act in the best interests of their shareholders & consider any T/O proposal. Their email address is [email protected]

My reasons for backing a take over -
1. Price of copper looks sicks at the moment. (I am aware of the hedging they have)
2. We still don't know what the cost per pound of production will be.
3. On the initial take over in October I remember reading a news article where Cathay were questioning the indicated grades.I know the company have come out & said that they are currently treating 'lower' grade ore but still a risk.
4. How long will it take for the share price to recover? It could be years.

So they have a valuation of $2.25 per share, big deal, the market currently values it at 34 cents a share. I can get a valuation of $500,000 on my house but at the end of the day the market determines it's worth not a valuation.

Ask any Billabong shareholder if they though it was a good idea for the company to reject a T/O offer of over $3 a couple of years ago?

For the record I am not on the cathay payroll just a concerned investor.