What's happening now with Reservoir reminds me Pacific
Pacific Rubiales story. There was a takeover offer for $6/sh when the stock traded $2-3 but was traded around $20 not too long before things turned sour. Those who held since past times of "glory" ($20+) were against that offer considering that if someone already offered double (or more) price for it then there would be another white night who'd offer much more. There were dissident shareholders with enough shares to block the deal willing to get the company and provide shareholders with "true" or "fair" value. There were several other suitors but all of them eventually dropped out due to stymie situation created by that group of dissidents holding around 20% of shares. Those guys eventually took over the company and the last price shares were trading was around $0.60. I'm skipping the details and I may be incorrect on some details but the main idea stays. If you want to outsmart everybody and get "all of it" you have good chances to lose it all. Dominant motive on RMC board now is that NSU pays not enough, so the deal should be voted NO. I like this kind of logic. Like, "thank you, guys, for providing us with funds to execute ROFO and buying 12.5M of our shares at a highest price ever . But now we don't need you, we want to own the whole thing on our own. There will be others now, who will be willing to provide funds and everything almost for free so we will hold 100% of the Timok to ourselves." And I like the request for giving up the break up fee by NSU if these dreamers will tank the deal. Most likely some guys there sold all they had on the news at the highest prices around $9 but retained the right to vote. What do you do to get back in at a much lower price? Of course, tell smart stories that your company worth much more and there is no reason to honor the deal which, in fact, gave you possibility to acquire the rights being sold by Freeport. If not for NSU Lundin would've had it already and I'd love to see how RMC heroes would keep mysterious 100% of the project to themselves.