RE:Does WRN have Dissenter Rights? Thanks Clark. Yes...very confusing and i don't understand why it has to be so difficult. ALL shareholders should get the SAME on a buyout in the RIO/TRQ example and one group shouldn't be favored just because they have more shares. That's a circus waiting to happen...with class action lawsuits dragging out many years! What a stupid thing for Rio to even consider.
Regardless, i sent question to Paul as well to see what we have to prevent a similar circus with Rio (or any other potential acquirer).
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Hi Paul,
I’m sure you’ve been following the drama with Rio/TRQ --- and to me (and it seems lawyers and perhaps gov’t oversight) as an illegal action by Rio to try to “bribe” --- using the term very loosely of course--- certain “special” minority shareholders.
To me it clearly appears illegal to treat shareholders differently in this situation.
Please confirm what, if any, WRN has in our corporate governance to avoid such similar situation where Rio makes an offer for (let’s say $4cad per share) for all shareholders but for the select few shareholders they offer something a little “sweeter” if those shareholders withhold vote on the proposed acquisition. The “sweetener” for some of the biggest shareholders could be
- $3cad at closing
- $1cad PLUS interest PLUS independent arbitrator ruling on “fair” value of WRN shares
Kind of curious on this and how Rio is getting into potential legal troubles (future class action lawsuits, etc) on such a ridiculous approach in creating 2 different “classes” of minority shareholders.
Appreciate your perspective on this from a WRN perspective in any potential negotiated acquisition.
Tks