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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 their offer as “final” because there is a risk of both the deal failing at its current level, and of an interloper at a later stage. If such an interloper were to appear, Anglo American would, rationally, wish to retain the option to counter bid at a higher level. It is Odey’s opinion that such an interloper would most likely appear between the date that Sirius shareholders vote on the proposed transaction (3 March 2020), and the date of the Court Hearing.
Odey announced on 19 February 2020 that it had acquired 1.29% of the company’s shares and voting rights.
The fund joins a long list of shareholders, including Jupiter Asset Management and retail shareholders represented by ShareSoc, who are urging Sirius to either negotiate a better deal or to seriously consider alternative financing arrangements as they do not believe the current offer helps them protect their investment in Sirius.
Shareholder are set vote for the transaction on 3 March 2020.
Market Tracker will continue to monitor this transaction as it develops.
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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.
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