RE:RE:It’s happening…maybe.
Just my two cents on parsing the Pentwater/Sailingstone special treatment. You tell me how the proxy solicitation was materially correct in omitting the full particulars of this deal before asking the remainder of the minority for their proxies? Every proxy is now tainted. Wouldn't you have wanted to know before you threw in at the original offer?
That should be fatal procedurally. Remember a lot of people only know what came through their mailbox and they responded to after perusing the solicitation and the offer. They haven't followed or understand all the dissent nonsense. But they sure would smell a rat if it was a laid out for them.
Then substantively, is is acceptable during the pendency of an offer to make this kind of agreement to procure an abstention from a material number of shareholders that would tilt the result? Not in my and others views. Not lawful. But leave that to the regulators to figure out.
My preferred solution, Rio withdraws their offer, they eat their promise to cover costs, tough luck, and then come back fresh with a new offer AFTER a lock-up negotiation that incorporates the halting of their litigation with Pentwater and Sailingstone if that's what it takes. One price for everybody.
Harumph!
cg