So Rio has come back saying $43 is the offer, but they will give anybody who dissents the part payment followed by arbitration option ... Pentwater and Sailingstone no longer bound to abstain from voting, but since they wanted a value arbitration, why won't they abstain and proceed as agreed before?
Personally I'm voting NO and hope the remaining minority do in droves as well. However the thresholds for approval are "of the votes cast at the meeting, so a large number of dissenters/abstainers will make it that much easier to win with YES proxies.
Do I personally believe $43 is financially fair? Nope. TD uses a $3.50 long term copper price, and came up with $43 to $56. Rio has little credibility, this is their third raise price and will be the fourth offer on varying terms. My read of the structural copper market is we can expect elevated prices starting very soon and to continue for ten years or so until new supply can catch up with growing world demands. And when it comes to net present value, the price of copper beyond ten years out begins to have less and less effect on present value it is discounted by long term interest rates so heavily.
Nyet, Rio!
cg