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Canadian coal producer Sherritt International Corp. is playing coy with its C$1.6 billion ($1 billion) hostile bid for rival Fording Inc.
Sherritt and its bid partner, the Ontario Teachers' Pension Plan, said late Friday, Oct. 25, they are mulling whether to make an "alternative" offer to counter Fording's plan to thwart the bid by reorganizing into a tax-advantaged income trust.
Toronto-based Sherritt did not elaborate, other than to say it "may decide to present a further alternative for consideration by the shareholders."
Fording has rejected Sherritt's C$29-per-share offer...