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To: Seeker of Truth who wrote (54647)	10/21/2004 8:42:50 PM
From: Snowshoe	Read Replies (2) \| Respond to of 74559

Have they got any Tim Hortons in China yet?

To: Seeker of Truth who wrote (54647)	10/21/2004 9:12:49 PM
From: Taikun	Read Replies (2) \| Respond to of 74559

Malcolm, <The highest bidder gets it.> One penny over yesterday's close does it then! This is actually not completely true, since it is usually quite hard to do an M&A of a company just by being the highest bidder. If an institution owns 51% of a company, one penny over yesterday's close does not necessarily do the deal, plus there is the spectre of shareholder lawsuits if big shareholders sell low, as was the case with Chrysler and the measly premium paid by Daimler. The highest bid ignores whether it is a merger of equals or an acquisition by a larger suitor and this, in courts of law, usually determines the premium. An SOE acquiring a publicly listed company is not an acquisition that is by one private or public company of another. Malcolm, this is China buying a piece of Canada, an economic invasion. For example, Inco could buy Phelps Dodge. Your example of the US being a Democracy is beside the point, the point is the unequal corporate structure of the acquiring entity. Flip it over, could Inco buy MinMetals? Could BCE buy China Telecom? Could XOM buy Sinopec? Think about it. David