An offer is made well above average price for last 12 months. AGO sat below 2c for most of year prior to MIN offer .
The board are almost obliged to accept in the absence of a higher offer. Had they not accepted and iron remained low they risked insolvency or a dilitionary capital raising. Then they may have been sued.
Hancock trumped MIN and took over. They got 50% and topped offer up to get 90%. It was apparent after a week FMG weren't going to make a bid so it was find a price they would take. They got us 4.6c.
Offer hits 90% and closes, compulsory acquisition follows. There is only one shareholder of note and they are doing what they are legally entitled to do and said they would do.
There is nothing dubious or dodgy this is standard stuff.
I am surprised how some have reacted throughout mistaking hopes for what, in my opinion, was a fairly obvious outcome.
Yes there are always exceptions but from my experience this is a fairly common pattern for these events .
DYOR .
AGO Price at posting:
4.5¢ Sentiment: None Disclosure: Not Held
