Crispin Odey’s firm lashes out at Anglo American’s bid for Sirius
Crispin Odey’s investment firm has said it will vote against any Anglo American offer for Sirius Minerals that is not designated as “final”.
In an email to the management of Sirius and Anglo American, Odey Asset Management said it does not believe that Anglo’s current offer represents fair value for Sirius shareholders.
It said it will therefore only commit to vote in favour of any bid priced at 7p or above.
Last month Anglo American agreed a £405m rescue deal with the board of the embattled company, who has been under pressure to come up with alternative funding for its North Yorkshire potash project.
Shareholders have been urged to accept an offer. Chief executive Chris Fraser told the Yorkshire Post that if a takeover does not go ahead there is a high probability the company will be placed into administration.
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Odey’s firm notes that the offer for the embattled mining firm is not final.
“Odey believes Anglo American have chosen not to declare their offer as ‘final’ because there is a risk of both the deal failing at its current level, and of an interloper at a later stage.”
The investment firm added: “The lack of ‘final’ offer, in Odey’s opinion, suggests that Anglo American would be willing to bid substantially more for Sirius, with the investment case remaining highly attractive for Anglo American, even at a materially higher bid level.”
Odey’s investment firm Odey Asset Management today revealed it has a 1.29 per cent stake in Sirius Minerals.
Shares in Sirius Minerals were up 0.8 per cent and Anglo was up 1.4 per cent.