From the article...
"Mr Xie said he had not spoken to Mr Creasy formally but urged him and CZR’s board to “open the door”.
“Surely 31 cents compared a 23 cents per share offer, it’s a big gap, it’s far superior right?”.
“We really encourage the CZR board to lift a standstill agreement we previously signed with them because now we can’t buy any (CZR) shares . . . their shareholders are the ones losing out.
“They should allow competition . . . let John’s (Welborn) Fenix and us have a beating up, let us duel it out.”
...
CZR told the ASX on Thursday it considered Gold Valley’s proposal to be inferior to Fenix’s because it was non-binding and contingent on financing being obtained.
Mr Xie said CZR’s board is not opening the door for Gold Valley to do the proper due diligence it needs to turn its non-binding offer into a binding deal.
“All we got is a one line email saying ‘we don’t want to engage’.”
“And we are offering to pay a break fee of $2.5 million if we don’t make a bid. Two-and-a-half million is not nothing.”
CZR might be cautious of doing a deal with a Chinese-Australian businessman after getting stuck in a bureaucratic black hole last year.
CZR shook hands with Frank Yin’s Miracle Iron last January to sell its 85 per cent stake in Robe Mesa for $102 million, but the deal was called off last month after Australia’s Foreign Investment Review Board kept delaying approval.
Mr Xie believes he would not encounter FIRB issues, citing Gold Valley’s established presence in WA.
His company employs about 400 people in the State and he reckons it is better placed than Fenix to keep Robe Mesa financially viable when the deposit gets depleted and the quality of its ore subsequently declines."
It certainly sounds like our team is being less than cooperative right now
(20min delay)