Depends how you look at it I guess.IBR holders (who held on) are...

Depends how you look at it I guess.

IBR holders (who held on) are winners:
- Did'nt fold on principle.
- Could get a revised higher off down the track?
or IBR are losers:
- Caught in a relatively illiquid stock.
- Possible delay in any progress of Armenia/Portugal due to extended corporate issues as a result of failed take over.
- Lost say on what the co.'s future will hold, 86%+ shareholder calls all the shots with that much control. Whilst they can voice their opinion, they can be totally ignored as well.

TMR are losers:
- Obviuosly because the bid failed, they didn't get what they want yet.
- May need to increase offer for remaining shares.
- Can't get total synergy with both co's merging & facing increased listing costs etc.
TMR are winners:
- Have still gained 86%+ control of the assets they wanted in Armenia and Portugal (which is still more than the 80% IBR controlled up until a few months ago when they bought out Global Gold's 20% interest)
- Have control of all decisions and cash flow in IBR, (they have to pay out minorities, but they have total say).