This is certainly a little concerning. Given the two week timeframe for a superior offer (i dont think you can even get a due diligence team together in that kind of time let alone actually execute one) I had hoped Stokes had already done the rounds and that the BCI offer was the only bid or the most superior.
The article implies that this process didnt happen. I had always assumed that Stokes being the majority owner would ensure us retail holders would get the benefit of his bargaining.
In any case time will tell if someone steps up.
the first part of that article was also VERY interesting. MIN are very interested in Bucklands development it seems:
"MinRes made a last-ditch bid in June to spoil Baosteel and Aurizon's takeover of Aquila Resources, with a raid on Aquila's share register as the $3.40-a-share offer gathered pace. It followed it up with a failed $3.75-a-share all- scrip merger bid with Aquila.
Mr Ellison said there would be no tilt for IOH, saying MinRes had strong relationships with both companies and was "very supportive" of the takeover.
He said MinRes' main interest in the region was tied to the construction of port, road and mine infrastructure at IOH's West Pilbara Buckland project and the proposed Cape Preston East port. MinRes had bought a number of IOH's East Pilbara tenements over the past two years and is about to launch exports from IOH's Iron Valley project.
On Monday, IOH managing director Alwyn Vorster said MinRes would offer an "attractive option" to build Buckland's infrastructure."
A bit cryptic but clearly MIN may offer some sort of deal, such as doing construction for project equity for instance, which would share the burden of any Bucklands capex.
Very interesting times ahead, and IOH still undervalued against the takeover offer.
IOH Price at posting:
$1.31 Sentiment: Buy Disclosure: Held
