Others (incl BBloff) have touched on wording being offered, but I would suggest there is a lot of credibility in the report of the Royal Bank of Canada proposal and that it is being shown the door based on semantics...the wording of Ozl's responses is clearly showing their (Ozl management) cards.
"The Minmetals offer provides a complete solution to our refinancing issues in so far as it is timely and allows OZ Minerals to repay all of its debt," Mr Cusack said.]
"OZ Minerals has not received a recapitalisation proposal which it considers to be a superior alternative to the China Minmetals transaction".
The TIME factor appears to being used as the excuse and that is why IT (Oz Minerals management) considers the alternatives as inferior.
I have asked the question before (including to BC) - has Ozl management approached the banks about their (the banks) situation if a better deal was forthcoming? Would they provide a further extension? If they have and the banks have said Minmetals or nothing, why does AM or BC not say so. If management hasn't asked then it is totally derelict in its duties to the company and its shareholders!!!
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