The Board can reject the offer and advise shareholders not to accept the offer as it is too low. Codelco can then up the offer or a entity can make a counter offer until shareholders consider it a fair offer and accept.
I am sure the BOD would love to have done this but this is socialist Chile where an "offer you can't refuse" means just that.
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Ann: LPI & Codelco enter into binding scheme implementation deed, page-216
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