After contacting Alta, it should be noted that the shareholder rights plan no longer exists.
It is stated there that this would make little sense since Fortescue held over 20% of the shares.
A sale of the remaining shares in Fortescue would have to have the approval of the remaining
shareholders. And in addition to the small shareholders, there are also institutional investors,
members of the executive board or supervisory board, but also large shareholders, all of whom
have their own interest in a good purchase price and will vote accordingly. In this respect there
would be no reason for alarm.
As an example: Wyloo, owned by Andrew Forrest, the founder and largest shareholder of
Fortescue, a $70 billion company, had a 37% stake in Noront, and even though they made an offer
for 35 cents , it will ultimately be acquired for $1.05 because that was the price the remaining
shareholders were willing to sell for. BHP bid at the time and made a $0.75/share offer. Fortescue
ultimately increased to $1.05/share.