TSX:TECK.A - Post by User
Post by
4CommonSenseon Jul 07, 2023 2:09pm
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Post# 35531284
No answers - just more of the same
No answers - just more of the same The bottom line - minimum $64/s
Glencore offered Teck US $22.5 Billion $C 64 per share for 100% of Teck. Glencore also stated it would create coal and metals entities similar to Teck's proposal, and Teck, as well as the current Teck SHs would be part owners of the new enties.
Teck turned down the offer? It appears they also turned down a subsequent Glencore offer for just the coal part of Teck - no details available.
When the fog and smoke clear around whatever Teck manages to crazy glue and chicken wire together regarding a Plan B -stuctures, shares distributions etc.etc. the current Teck SHs have to end up with a minimum when all parts of the new Plan B emerge with a value totalling C $64 per share.
The question that has to be asked and answered byTeck is why the new Teck Plan B proposal is in the best interests of the company AND the current SHs. The SHs should be allowed to vote on any new proposal
If the value to SHs is less that C$64 Teck and if the SHs are not allowed to vote on any new Teck proposal Teck and the the BoD will have failed by not accepting the Glencore offer.
From a fuduciary perspective the BoD will have a lot of explaining to do to all the Teck SHs why 'Plan B' is superior and in the best interests of the company AND ALL the SHs. This would be a challenge and will likey end up in a class action by the current SHs.
Perhaps refusing Glencores initial offer was a negoitiating ploy. Maybe Teck wants something more the C$64. If not It will be very interesting to see what Plan B is and if it will be of equal or bigger value for the all the current SHs vs the Glencore offer.
The current B share price is ~$55 pe share. SHs have effectively lost $9 per share
What has and is transpiring is odd to say the least