Vale’s $1.1 Billion Offer for Metorex Too Low, Say Holders Fidelity, Metam

Bloomberg reported that Vale’s (NYSE:VALE) recent bid for Metorex (JNB:MEMTX) is too low and undervalues the company, according to Fidelity asset managers and others.

The market news is quoted as saying:

An offer closer to 10 rand a share would be “appropriate,” Stephen Roelofse, a fund manager at Cape Town- based Metropolitan, said yesterday.

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