the games people play

  1. 840 Posts.

    The games people play - stacking the vote.

    If the following is correct, then the voting rules on takeover offers will seriously need looking at.

    The Australian.

    Margin Call.

    Michael WEst.


    IF the word is true that Baillieu Stockbroking picked up an order yesterday to set up 4400 new accounts in which to plonk a small parcel of MIM shares, respectively, then . . . um.

    That's rather interesting practice. As we know, Platinum, with votes from 7800 shareholders, is urging MIM shareholders to reject the $1.72 a share bid by Xstrata. MIM has been dropping for days but spiked 6c to close at $1.60 yesterday. No wonder.
    Baillieu's 4400 sudden you-beaut clients are likely to vote "yes", we hear, which would be helpful to parent Deutsche Bank, which happens to be advising Xstrata.

    Elsewhere in the MIM battle, there is a good chance that Rene Rivkin might also swing his team behind the Xstrata offer.

    Were, say, 3000 Team Rene subscribers to get in behind Xstrata, the economic nationalists may well suffer defeat at the hands of the economic rationalists. Further, the yes votes are likely to flood in at the last moment.

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