takeover not goin ahead?, page-4

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    x-strata chief appeals to mim shareholders Although judging by the price - not that much....

    X-Strata chief appeals to MIM shareholders

    The chief executive of Swiss Miner, X-Strata, has made a personal appeal to MIM shareholders to accept its takeover bid.

    X-Strata wants to acquire all shares in the Australian-based miner for $1.72 a unit and CEO Mick Davis has written to MIM investors in an effort to garner support for the takeover.

    He warned the stock would plummet and the miner could fall prey to an opportunistic predator at a lower price if X-Strata's $3.4 billion bid fails.

    All of MIM's non-executive directors support the proposal, but its chief executive is opposing the bid, as is shareholder, Platinum Asset Management.

    X-Strata's Marc Gonsalves says the letter writing campaign is not a sign of nervousness.

    "We're the ones who've made the offer and we're keen to get our message out to MIM shareholders," he said.

    Votes must be cast by June 6.

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