Freewest’s Board of Directors unanimously recommends that Freewest shareholders approve the Arrangement with Cliffs, as amended, at a special meeting of shareholders to be held on January 15, 2010.
Let's say that Noront manages to get 25% of Freewest. The 59% instit's in Noront want what is best for Noront. Maybe the number is 25%. Who knows. They have had LOTS OF TIME to plot and plan.I don't mean just the BOD, I mean collectively with their Institutional supporters. The % they will get is whatever they want it to be. In THE BIG SCORE, there was this file called, "the Holy shit file." Friedland showed the file to the Institutional supporters he needed. Retail were not privy to this file. I believe a big portion of the loyal Instit's at Noront have seen a Holy shit file and will act according to their best interests which lie with Noront. Again, I believe the % they get is what they WANT to get.
Let's say that prior to Jan. 15, 2010 ...for fun let's make it the 14th someone comes out with a bigger bid than 1 dollar per share for freewest. What happens now? Kind of screws up that Jan. 15 meeting a bit doesn't it. Noront is out of the bidding war with it's 25% fwr control and watches as Cliffs continues the fight with someone else. Noront's FWR % becomes more valuable with every step of the fight and the final winner will pay for some infrastructure. Cheaper for Noront to produce, % ownership in FWR with an increasing value added to the portion held due to the continued bidding war.
After hearing the media toot , toot the revenue juices of this chromite ..do you really think with OVER A MONTH LEFT to the "special meeting" that the "theft" will not be fought?
Remember the Voisey bay /diamond field days. When Teck bought 10% of diamond fields and later a bidding war erruped with falconbridge and Inco, do you think Teck did ok with that 10%? You bet.
