My answers to the 2 questions 1. The Break Fee or termination fee is typically 1-3% of transaction amount and it protects buyers efforts. It does not protect shareholders. Due to the large price a 1% fee of 8 million would have covered any effort. A 3.5% fee acts as a deterrent to follow on offers (at least more than a 1% would). Conclusion: Poorly negotiated by management.
2. The Press release intentionally did not mention the Hackett Silver Royalty. This part is VERY suspicious. It indicates a motive of non-disclosure of a very significant aspect of the negotiations 1.7 Billion dollars ( these press releases are all in Canadian dollars to make bid seem "bigger" than it actually is).So not mentioning an asset worth twice the purchase price can only mean one thing. The management doesn't want you to know how bad this deal really is. Conclusion: Poorly negotiated and knowledge of its detriment to existing shareholders.