Just checked the trades and I estimate that over 110 million shares have changed hands since Glencore's takeover offer ABOVE the offer price.
Unless Glencore have been up to some funny business and this may not be totally discounted given the weakness in Swiss banking laws, it would appear that these shares are in the hands of unrelated parties and Glencore cannot now compulsory acquire Minara under the 90% rule.
Given that the not so independent directors of Minara know where their next assignment is going to be and who is going to pay for it, I strongly suspect that the KPMG target statement will almost certainly be favourable to Glencore. It would be naive to think otherwise.
I suspect that the hedge funds have now got in and acquired the required 10% blocking stake and will now fight it out with Glencore over price.
How much will they want? Not sure but I guess as much as possible.
Cheers EOS
MRE Price at posting:
88.0¢ Sentiment: Buy Disclosure: Held
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