latest news on tinkler takeover of whc

just came across this news today. my apology if this had been posted before. good luck all holders.

Tension grows between Whitehaven, Tinkler
Published 5:50 AM, 30 Oct 2012 Last update 5:51 AM, 30 Oct 2012

Billionaire Nathan Tinkler is trying to open Whitehaven Coal to a hostile takeover bid by asking the miner's board to lift a standstill agreement that prevents him from launching a hostile bid or lobbying shareholders to have directors removed, according to The Australian Financial Review.

Mr Tinkler issued a series of demands to Whitehaven chairman Mark Vaile last week after Whitehaven's update to the market, which amounted to a downgrade, failed to satisfy Mr Tinkler's questions.

Mr Vaile has now responded, writing to Mr Tinkler that the board would not release Mr Tinkler from the six-month standstill agreement he signed in July.

“However, you are free to approach the company at any time with a firm proposal for the consideration of directors,” Mr Vaile wrote in the letter, according to the
AFR.

The market update issued by Whitehaven last week alongside its quarterly report came in response to an earlier letter from Mr Tinkler. Mr Vaile told shareholders the update included “all of the requested information”, but Mr Tinkler insisted that he had not received answers to all of his questions.

Mr Tinkler has threatened to use his 19.4 per cent stake in the company to vote against the re-election of five directors, including Mr Vaile, at the miner's annual meeting this week, unless the company revisits Mr Tinkler's original questions.