Yanzhou Coal Company of China (1171 HK) had been courting Felix for almost per year, and had made a formal offer on August 13 worth about AUD 18 per share, oddly labeled the Scheme, which Felix's board had backed.
But a lot of stockholders were not really sure the offer was a great one, and the stockholder vote was coming up on December 8. The offer had been AUD 20per share when Yanzhou had first approached Felix in December 2008. But a lot had changed since then, including the value of the Australian dollar, the Chinese economy, the amount of coal, and concerns over Chinese acquisitions of Australian mineral companies. Investors, including Aidan Quillan, were being pressured to accept the Scheme.
PUBLICATION DATE: October 31, 2011 PRODUCT #: TB0279-HCB-ENG
This is just an excerpt. This case is about FINANCE & ACCOUNTING
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