Teck’s Appeal to Investors
Teck Resources Ltd. is appealing to investors to reject a takeover bid from Glencore Plc, calling the offer a “non-starter”. The Vancouver-based mining company is urging shareholders to reject the $20 billion bid from the Swiss commodities giant, which was announced in March.
Teck is one of the world’s largest producers of steelmaking coal, and the company’s shares have surged since the offer was made. The company’s board of directors has unanimously recommended that shareholders reject the offer, saying it undervalues the company and its prospects.
Glencore’s Offer
Glencore’s offer is for $20 billion in cash and stock, and would give the Swiss company a majority stake in Teck. The offer is a premium of about 25% over Teck’s closing price on the day before the offer was made.
Glencore has said that the offer is “fair and reasonable” and that it is confident that Teck’s shareholders will accept it. The company has also said that it is open to further negotiations with Teck’s board of directors.
Teck’s Response
Teck’s board of directors has rejected the offer, saying that it undervalues the company and its prospects. The board has also said that the offer does not reflect the company’s “strategic value” or its “long-term growth potential”.
The board has also said that the offer does not provide sufficient value to Teck’s shareholders. The board has urged shareholders to reject the offer, saying that it is not in the best interests of the company or its shareholders.
Teck’s Future Plans
Teck has said that it is committed to continuing to pursue its long-term growth strategy, which includes expanding its operations in the steelmaking coal sector. The company has also said that it is committed to continuing to invest in its operations and to developing new projects.
The company has said that it is confident that its long-term growth strategy will create value for its shareholders. Teck has also said that it is open to engaging with Glencore to discuss the offer, but that it is not willing to accept an offer that does not reflect the company’s long-term value.
Shareholder Reactions
Teck’s shareholders have reacted positively to the company’s rejection of the offer. Many shareholders have said that they believe the offer undervalues the company and its prospects.
Shareholders have also said that they believe the offer does not reflect the company’s long-term value. Some shareholders have said that they believe the offer is too low and that they would prefer to see Teck pursue its long-term growth strategy.
Analysts’ Opinions
Analysts have also weighed in on the offer. Many analysts have said that they believe the offer undervalues the company and its prospects.
Analysts have also said that they believe the offer does not reflect the company’s long-term value. Some analysts have said that they believe the offer is too low and that they would prefer to see Teck pursue its long-term growth strategy.
The Takeaway
Teck Resources Ltd. is appealing to investors to reject a takeover bid from Glencore Plc, calling the offer a “non-starter”. The Vancouver-based mining company is urging shareholders to reject the $20 billion bid from the Swiss commodities giant, which was announced in March. Teck’s board of directors has unanimously recommended that shareholders reject the offer, saying it undervalues the company and its prospects. The company has also said that it is committed to continuing to pursue its long-term growth strategy, which includes expanding its operations in the steelmaking coal sector. Shareholders and analysts have reacted positively to the company’s rejection of the offer, saying that they believe the offer undervalues the company and its prospects.