platinum launches campaign against xstrata

  1. 635 Posts.
    1208 [Dow Jones] MIM (MIM) 2.5% shareholder Platinum Asset Management launches
    campaign against Xstrata bid with letter to shareholders warning they risk
    sacrificing long-term value by taking Xstrata's A$1.72/share, though of course
    can't quantify that. Backs MIM CEO Vince Gauci's rejection of offer, argues
    Xstrata ownership does nothing to boost MIM balance sheet at time when company
    has suite of growth projects. Says small shareholders are numerous enough to
    block the offer. No campaign in early stages, but faces uphill battle given
    significant arbitrage interest in MIM, likely reluctance of small holders to go
    against majority board view. MIM up 1 cent at A$1.70
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