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Gold/Mining/Energy : Avenor (avr-tse) - Repap buyout (rpp-tse)
AVR 4.210-2.3%Nov 5 3:59 PM EST
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To: wampum who wrote (137)4/3/1997 12:39:00 PM
From: tk   of 290
 
The people who decided to sell, were probably institutional shareholders who knew that the deal would not go through because it required a shareholder vote. I was not impressed with G. Petty decision to go through with this deal. Avenor and Repap management should have surveyed their institutional investors ahead of time before agreeing to a voted takeover. This deal would not have gone through even if the exchange Ratio was 20 to 1. This deal should never have been subjected to a vote. Shareholders vote their management in at annual shareholder meetings. Avenors management were impressed with Repap assets to propose a offer, not its shareholders. Avenors management should resign, since this could be taken as a vote of non confidence. Most of Avenor shareholders voted on a takeover in a industry that they know nothing about. Shareholders these days are more concerned with short term gain not long term prosperity. Had Avenors and Repaps management done their homework properly the takeover would never have been subjected to a vote. I honestly beleive that Repap shareholders have a case against Avenor. Their management instructed Repap for 3 months which in turn will effect 1st Quarter results. Avenor is responsible for our loss and should be held accountable. Am I out to lunch or can we a law suit?
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