not convinced any more. sounding like optus.

I sold my 70,000 mimwoe about a week ago for 7.5 cents after buying them for 6.6. The reason is because I am not so sure about this supposed takeover anymore.

And even if it does go ahead, will there be much if any premium anyway?

I remember when Anderson was ranting and raving about optus being in merger talks with Singtel. The shares ballooned to 4.25 on all the speculation and it was considered a sure thing. Yet when the takeover came out, it was for around 3.75 depending on which of the three options you took. Big deal. Those who were waiting for 5.00 were horribly mistaken and fooled.

So what is going on? I believed that the takeover was a formality, especially that there were no MIM puts on offer; obviously because no one was prepared to write them.

But it seems to be taking an eternity and the longer it goes, the more the MIM bandwagon begins to falter, and with it all the supporters who would swear by the takeover (I won't mention ssb's name).

The bulls will swear that it is all manipulation and that it is simply being pushed down so that when xstrata makes an offer, a more significant premium appears (assuming all cash bid) or beter still,so xstrata can offer less. But personally, I think this is a load of crap. Who are the sellers and why are they selling? Yes, they have significant assets, particularly coal, but they also have issues which I believe includes a far from satisfactory hedge book. We need to also ask why MIM would come out and announce to the public three months ago that they were in takeover or merger talks.Also, where would MIM be if this announcement were not made? Judging where other similar mining stocks are, I would say not much more than about 1.10-1.15.

And please do not believe institutions like ABN Amro. Companies like these have their own agenda and I have a feeling it is not to help the little guy. It is companies like these that had Qualcomm as a buy with a price target of $300 per share.

I am not saying it won't happen. But it is to me now 50/50 and with each passing day, the ratio is being skewed to the negative.

Good Luck to all who hold waiting for their white knight to arrive.

LABBS