Dissenters RightsThe vote must have been close to extend by at first just one day. Now to extend by one week and have the stock jump today seems like in one week with a few vote changes it is going to close.
A sophisticaded investor like out two institutional investors who are "Against" are going to follow the process thru the courts for dissenter's rights. Canada is pretty shareholder friendly with this process.
IF your holding shares and vote "NO" IMO it is pretty stupid to not then go in for shareholder rights.
As a beneficial holder you have to get the broker/bank/trust company to do this for you. Not easy but you have to put in the work to follow the process.
RIO in these extensions keeps reminding shareholders about their dissent rights and how to follow the process. This is a legal cover their butts with everyone involved here. A 50% of the minority is a near certainty. That's a fairly low hurdle.
They probably accept the shares EVEN IF there are more shares who go in for dissent right than what RIO says they will accept for dissent rights. IN other words, they waive that condition and close, and then settle with the dissenters individually after the fact without running the whole court process on that valuation. I have seen this before.
Full disclosure: I sold some out of the money puts as a bet that the deal closes.