FORDING has condemned as "inadequate, self-serving and inferior" the latest $35-per-share offer from the SHERRITT COAL PARTNERSHIP II. In a strongly-worded release on Dec. 20, Fording chairman Richard Haskayne said, "In 25 years as a corporate director in Canada, I have never been presented with a more questionable document than the new Sherritt offer. It is a 'smoke and mirrors offer' that provides a little more cash offset by a lot less unit value."
The board has recommended that shareholders reject Shreritt's offer in favour of participating in the new Fording Coal Income Trust. A presentation available at www.fording.ca outlines in detail the reasons for the board's recommendation. The details are also included in a press release dated Dec.22 on the same site.
Sherritt's offer has been extended to Jan. 23, and Fording's special shareholders' meeting has been rescheduled for Jan. 22. For further information, call Mark Gow at Fording's investor relations department (403-260-9834).