latest from proactive investors 05.12.09, page-5

bacause rio cannot stop the sale of a controlling stake (polo and kalahari) to a third party, best they will have is a minority non controlling stake if they do not make a higher bid themselves i.e. if an anno saying kah and polo accept $x per share for their stake and recommend a bid to shareholders in the absence of a higher bid, what will rio do then? they can be diluted to oblivion by the acquiring party just by the new management making private placement to largest holder, rio may not even have board representation in such a scenario as the board is elected by shareholder vote, what will rio position be then? they would have to make a higher bid or make a jv with another buyer imo