FML shares have already taken the value hit in advance of this vote that Jaguar did saying NO.
BELO HORIZONTE, Brazil, March 21, 2012 /CNW/ - Jaguar Mining Inc. ("Jaguar" or the "Company") (JAG: TSX/NYSE) today provided an update on its operations, the full year and fourth quarter 2011 earnings, the strategic review process led by the Special Committee and the adoption of a shareholder rights plan.
In order to discourage potentially disruptive or predatory actions to the Strategic Review Process, the Board of Directors has adopted, effective immediately, a limited duration Shareholder Rights Plan (the "Rights Plan"). The Rights Plan is scheduled to expire 120 days from adoption and is intended to:
Enable the Board of Directors to complete the Strategic Review Process Provide the Board of Directors, in the event of any unsolicited take-over bid, with adequate time to identify, develop and negotiate value-enhancing alternatives Protect shareholders from unfair, abusive or coercive treatment and from being pressured to sell at less than full or fair value Ensure equal treatment of shareholders
The Rights Plan is intended to protect shareholders and shareholder value. It does NOT:
Prevent or discourage a legitimate offer or an auction for control Prevent a change of control Prevent a bidder from making a bid Prevent shareholders from making the ultimate decision regarding whether to sell their shares Allow the Board to "just say no" to a legitimate bid
The Board of Directors has authorized the issuance of one right in respect of each common share of the Company outstanding at 5:00 p.m. (Toronto time) on March 21, 2012 and each share issued thereafter. The rights will become exercisable if a person, together with its affiliates, associates and joint actors, acquires or announces an intention to acquire beneficial ownership of common shares which, when aggregated with its current holdings, total 20% or more of the outstanding common shares of the Company (determined in the manner set out in the Rights Plan).
Following the acquisition of 20% or more of the outstanding common shares, each right held by a person other than the acquiring person and its affiliates, associates and joint actors would, upon exercise, entitle the holder to purchase common shares at a substantial discount to the market price of the common shares at that time.
LASTED FOR 4 MONTHS.Obviously Shandong was brushed off.
LOOK AT WHAT THEY WERE WILLING TO PAY $1BN for and then look at what they are paying for 50% of FML with an accepting board. Also after the announcement of the deal "Brazilian gold miner Jaguar, which last month became the subject of takeover rumours, fell nearly 10% on Wednesday, after announcing the sudden departure of CEO Daniel Titcomb" "TSX-quoted Jaguar said last month it decided to “explore alternatives” to an unsolicited offer it received, and declined to comment as to why Titcomb was leaving so abruptly, though fund managers Mining Weekly Online spoke to suggested his exit might clear the way for a takeover"
