By Abhinav Ramnarayan
By Abhinav Ramnarayan
LONDON, Feb 19 (Reuters) – London-based hedge fund Odey Asset Administration mentioned it might vote in opposition to Anglo American’s AAL.L bid to accumulate Sirius Minerals SXX.L on the present provide value of 5.5 pence per share, saying the phrases don’t signify honest worth.
Odey, which just lately turned a shareholder in Sirius and held a 1.29% financial curiosity as of Feb. 18, mentioned in an open letter it might vote in favour of any bid at 7 pence per share or above.
“The shortage of ‘ultimate’ provide, in Odey’s opinion, means that Anglo American can be prepared to bid considerably extra for Sirius, with the funding case remaining extremely engaging for Anglo American, even at a materially greater bid stage,” the hedge fund mentioned within the letter.
Anglo American agreed final month to purchase Sirius Minerals for 404.9 million kilos ($526.2 million) in money, marking the worldwide miner’s return to fertilizer and throwing a lifeline to struggling Sirius.
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