RE:RE:Quick flippers exiting today. At least RIO paid a 2% premium over the 20 day moving average of the share price. Granted, if RIO tried to boost their ownership to the 9.7% level via open market purchases it would caused a decent increase in the share price above $1.25 USD.
All-in-all, the price they paid was "neutral" in my opinion. The key takeaway in my book is that the company did not allow RIO to break the 10% barrier. The BoD is preventing "slow creep" from getting out of hand. New suitors would not want to negotiate for Casino if you had multiple parties well above the 10% owmership level. Too many captains trying to steer the ship isn't our best course of action if we want to foster competitive tensions.