SMH.com.au WOMEN TROUBLEIt does not take much, it turns out, to...

SMH.com.au

WOMEN TROUBLE

It does not take much, it turns out, to send a takeover bid for an ASX-listed company on a wild rollercoaster ride.

Take the $554 million takeover bid for the iron ore explorer Flinders Mines by the company headed by the steel-making Russian oligarch Viktor Rashnikov.

First there was a lone mysterious ''minority shareholder'' of Magnitogorsk Iron and Steel, Elena Egorova, who launched legal action in a Russian court in April ''challenging the legitimacy'' of its planned takeover for Flinders. Egorova sought her injunction against the deal just two days after Flinders shareholders had approved the takeover.

Since the Russian court action was launched, Flinders shares have fallen to 11¢ each, well below the 30¢ offer price.

Going by the present Flinders share price, one wonders what Rashnikov thinks about buying something for three times its current market value.

The Russian court has adjourned the matter until July 2, two days after the takeover bid's deadline. But another lone female has suddenly surfaced, this time launching a bid to keep the deal alive.

On Friday, the Takeovers Panel announced that a Geraldine Carter had filed an application seeking the ''quit date'' on the scheme of arrangement to be extended to July 14.