Commodities trader Glencore laid out its revised $36 billion all-share bid for Xstrata on Monday, warning it would not improve the terms again as it outlined a fresh offer that made some concessions to recalcitrant shareholders.
Glencore, the miner's largest shareholder, with a 34 percent stake, confirmed its offer was now 3.05 new shares for every Xstrata share held, up from 2.8. That represents a 27 percent premium to the ratio at which the two shares were trading last week, when the market believed the deal would collapse.
"Glencore confirms that it is an all-share merger, and it will not increase the merger ratio further," Glencore said.
"The increased merger ratio represents a substantial premium for a company with a 34 percent shareholder," it added, explicitly brushing off hopes from some shareholders of a bid from a third party.
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