Just reported in The Australian this afternoon.
Proxy firms Ownership Matters and Glass Lewis are recommending shareholders from gold miner St Barbara vote in favour of the buyout offer on the table from Genesis Minerals.
Glass Lewis says that it is in agreement with St Barbara that the premium being offered by Silver Lake is not, by itself, sufficient to justify the risk of losing the Genesis Proposal.
“St Barbara points to the risk that any further delays to a deal would likely mean that St Barbara will be in breach of its banking covenants when tested at June 30.”
Why we have to approve GMD deal, page-28
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