Post by
ccharlwood on Jun 10, 2009 1:57pm
class action
Great post Prouditalian. The layman term article of take over bid rules confirms as long as 11% (24M approx) of non-Severstal shares don't tender, then a take private transaction will not succeed - at first. However, whichever shares tender to the offer, once Severstal owns them, they can then vote those newly tendered shares. Assuming they continue to raise their offer price, more will tender to the point where they can get to 90%. I believe this is their strategy. Therefore, those that hold out the longest will get the highest price, but may be forced out at that price in the end. Time is working for us in terms of operations and Q2.
Having said that, the more I read these posts and all of the concerns, questions and time involved, hiring a class action group would probably have better results than us going it alone.
Comment by
NaturalCurrency on Jun 10, 2009 2:04pm
Assuming class action and 'voting no' are not mutually exclusive - CA will give us the visbility & reputation with other shareholders who are not aware of the issue right now. But this is not a complete analysis - there mightbe other pros & cons.
Comment by
grafikspeak on Jun 10, 2009 2:16pm
As it turns out I have a relative at Siskinds in London. I have emailed him with a couple of questions and am waiting a reply. I will keep you posted.