RE:Hey Gent???
It's just an offer. There is no lockup, no ability to force it on the minority.
We'll hear from Pentwater and see if they can beat the bushes for a counter-bid. The trump card Rio holds is it's sway over the TRQ board, but it would be a different kettle of fish if it was a BHP or Freeport Mac holding 49% and demanding representation - and in that event in any case they would de-list and go private.
I think people are not interpreting this move correctly - what it is equivalent to is jamming a big "FOR SALE" sign on 1/3 of OT - Rio Tinto has deep pockets, they will test the waters. My best guess is that way management can point to some other responsible major miner's upcoming offer as having set the ultimate price, which they will top. You know they are still haunted by Alcan ... top of the market, overpaid. Now, with copper running up,they are motivated both to move early, but also cover their rumps on valuation. I have no idea what fair value for TRQ is, my guess is closer to $50, but considering where it came from, that's still going to be a disappointment.
cg