Macro Tsimmis

intelligently hedged investment

LionOre (LMGGF) update #3

Posted by intelledgement on Tue, 15 May 07

Ah, better and better!

Swiss miner Xstrata (XSRAF) have sweetened the pot, upping their 26 March all-cash offer of C$18.50/share for LMGGF—which was trumped on 3 May by Russian mining giant Norilsk’s all-cash bid of C$21.50—to a new all-cash bid of C$25 (US$5.6B). We still think LionOre is worth US$7B-to-$9B…and The Street still agrees that this new price is yet too low, with the stock closing today at C$26.68—i.e., above the offering price—up 13% on the day.

It ain’t over ‘til the fat lady sings.

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