RE:RE:RE:RE:RE:RE:Are Pentwater and SailingStone in the driver’s seat?
If somebody induces another major willing to play junior partner in OT to knock up a higher price with a competing bid, what can the TRQ board do? Not much I'm guessing. But maybe that was always Rio Tinto's game ... they can still up their own participation afterwards by bidding out ETG in a friendly bid - the Board of ETG has SSL's votes for the time being in a voting agreement, so between Rio, TRQ, SSL and management they can almost certainly lock up a done deal.
Let a third party go and negotiate a price with Pentwater and Sailingstone and get their agreement, it will amount to an assumed FMV transaction that will see them gone in any event - while they might prove some misrepresentations earlier in the piece in their legal action, what are their damages if they sell out at a higher share price in any event, and the price is set by a different bidder?
Wouldn't surprise me in the least to see a BHP or Teck (recall Barton was Chair at Teck just three years ago) come in. Then they expand the mill and accelerate Heruga or Lift 2, or surprise hit some shallow open pit target that ups the value.
Too good for public minions to stay on the train.
cg