Glencore, which launched a hostile takeover for Teck, is hoping shareholders will vote against the split and force the board to engage with the company
split vote hangs in the balance, with the outcome too close to call, its biggest shareholder missing in action, and back-office problems causing frustration behind the scenes, a source familiar with the vote said.
At least two-thirds of votes cast by shareholders must be in favour for the separation to be approved. After noon PDT today, which is the proxy voting deadline, votes cast by shareholders won’t be guaranteed to factor into the outcome. Investors that owned stock on the record date of March 7 are eligible to vote in the meeting. If CIC sold its shares after the record date, it would not have any skin in the game any more.One scenario that appears a possibility is that CIC’s vote does not make it by the proxy deadline.
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