It doesnt really matter what the directors recommend. They will recommend any offer that reflects value. Just because the board has recommended it, doesnt mean Xstrata cant bid over the top. And if they do, the board will recommend the higher bid.
Look at HER, the board initially recommended a $2.25 offer. Then they recommended a $2.50 offer from someone else. Then they recommended $2.55 from the original bidder. This bidding war is still going on - all the way now to $2.80 and the board has recommended every single offer from both parties. My point is, the board recommending it doesnt really mean squat.
IRN Price at posting:
0.0¢ Sentiment: ST Buy Disclosure: Held
