Another shareholder drills into Sirius

Another shareholder drills into Sirius

The hedge fund Odey Asset Management on 18 February 2020 penned an open letter to the CEOs of Sirius Minerals plc and Anglo American plc, criticising the current terms on which Anglo American is set to acquire Sirius. The hedge fund has also announced that it will vote for any deal that values Sirius at 7p or more a share.

Odey Asset Management stated that it believes that the current offer of £405 million does not represent fair value for shareholders. The fund has said that it will vote against any offer which is not declared as ‘final’ as there is still scope for Anglo American to make a higher bid. Specifically, Odey said that:

Anglo American have chosen not to declare

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Market Tracker is a unique service for corporate lawyers housed within Lexis®PSL Corporate. It features a powerful transaction data analysis tool for accessing, analysing and comparing the specific features of corporate transactions, with a comprehensive and searchable library of deal documentation across 14 different deal types. The Market Tracker product also includes news and analysis of key corporate deals and activity and in-depth analysis of recent trends in corporate transactions.