Atlas Iron used the same tactics. A low ball offer was recommended by the board..it was rejected by shareholders. Another came through at double the price..it was recommended to be accepted again by the board (despite the first offer apparently being so great)...this time it got forced through. A few months later and iron ore rockets..convenient timing for Gina who probably doubled the value of her new investment.
Most of these takeovers are forced through with various tactics. The only certainty is that we will be shafted. They've never given us any exact figures on production costs so who's to say they aren't profitable at current prices?
GBG Price at posting:
2.6¢ Sentiment: Hold Disclosure: Held
