That was my reading of the new agreement- Glencore is no less ne’er limited to 39% of board representation. One other feature of the agreement that smells bad to me is the clause allowing Glencore to acquire additional stock in a direct private transaction. I am not a lawyer nor a financial expert, and I have no inside knowledge, but I can think of only a few reasons why Glencore would want to acquire stock without going through the market: They want to be able to buy certain shares ABOVE market value to pay-off loyal PLM executives and board members while screwing the rest of us. I’d keep an eye on any transactions between Cherry and Glencore.
Does anyone have a better informed explanation of why such a clause is in the agreement?
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