Fortescue´s dilemmaFortescue holds 30%, it is clear they want the property - it fits perfect in their future strategy and portfolio.
But Fortescue is in a dilema - 30% does not mean control, and in case of take over from them they would not be able to vote, I assume even in the board the directors from Fortescue would be in a conflict of interest and have to remain silent.
So the dilemma is - how to approach this take over, so far we have seen that there is no problem to use money as an incentive. Fortescue has paid well over market prices in these recent private placements. But what if the share prices now starts to run away, especially if the drill permit comes in. How can you put forward a take over bid without fears of running behind the curve in copper supercycle world everybody is dreaming.
If I would be Fortescue I would table a fair take over bit that shareholders can not resist - I agree 300 million for the outstanding 68% of shares is fair and I would not resist. Fortescue this is your chance - use it.