New Flash report from TDWI can't help wondering if the guys who wrote this were on Glencore's payroll, not TDW's:
. . . . . . .
Investor Group Voices Opposition to Glencore Bid
Steven Green, CFA
Luke Bertozzi, (Associate)
The group of activist Noranda Income Fund unitholders announced that they do not support the proposed transaction by Glencore.
. . . . . . .
The investor group believes the offer from Glencore undervalues Noranda, and that the board should attempt to identify alternatives that could deliver higher value to public unitholders. The investor group believes that this further supports the need to reconstitute the board of trustees.
. . . . . . .
This does not come as a surprise, with this group previously looking to replace the board of trustees. We expect that they will look to improve the offer, however, it is not clear how much leverage they will have given the uncertainty of the potential cellhouse replacement and lack of alternative bidders, in our view.
. . . . . . .
Recall, a group of Noranda investors who own approximately 22% of the outstanding priority units called for a special meeting to reconstitute the board of trustees.
The investor group proposes replacing all four Independent Trustees (there are seven trustees in total). The special meeting is set for March 28, 2023.
. . . . . . .
The group has nominated four Independent Directors. The nominees include Jean Pierre Ouellet and Barry Tissenbaum, CPA, who served as independent trustees of NIF from 2010 to 2020, as well as two nominees from substantial shareholders within the investor group.