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MIM LETTER OPPOSES SWISS COAL GROUP TAKEOVER.
SYDNEY, June 2 Asia Pulse - In a letter to company shareholders, MIM Holdings Ltd (ASX:MIM) managing director Vince Gauci has reaffirmed his opposition to the $A4.93 billion ($US3.2 billion) current takeover bid by Swiss coal group Xstrata Plc.
Xstrata's offer for Brisbane-based MIM will be voted on this Friday and is conditional on acceptance by 50 per cent of shareholders.
This means the vote of retail investors is equal to that of large institutions, while only lodged votes will be counted.
The majority of the MIM board, chaired by Leo Tutt, has recommended the $1.72 per share offer to shareholders, however Mr Gauci has described it as too low and opportunistic.
"The Xstrata offer of $1.72 a share for MIM is too low," Mr Gauci said.
"The bid is opportunistic at a time of depressed global economic conditions and commodity prices."
Mr Gauci said that a claim made by Xstrata chief executive Mick Davis was false. The claim was made in a letter to shareholders dated May 23 that MIM shares last traded at around .72 some six years ago.
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