We’re not for sale - NOT1 Sep 2025 10:24
Here’s some interesting examples from our AI friends:
Turquoise Hill Resources (Canada, copper-gold in Mongolia)
• Public stance: For years, management insisted it was focused on developing Oyu Tolgoi independently with Rio Tinto as a partner, and repeatedly dismissed speculation about a full buyout.
• What happened: In 2022, Rio Tinto launched (and completed) a takeover of Turquoise Hill for $3.3bn to consolidate ownership.
• Lesson: Denial gave Rio less leverage — Turquoise Hill signaled it had other options, extracting a higher price after rejecting Rio’s first offer.
2. Dominion Diamond (Canada, diamonds)
• Public stance: After unsolicited offers in 2015, Dominion said it was “not in discussions regarding a sale” and focused on building shareholder value.
• What happened: In 2017, The Washington Companies acquired Dominion for $1.2bn.
• Lesson: Public denials bought time to negotiate a better premium.
3. Equinox Minerals (Australia/Canada, copper)
• Public stance: Management publicly promoted independence and growth through merger with Lundin Mining in 2011, rejecting speculation about being a target.
• What happened: Barrick Gold swooped in with a $7.6bn hostile takeover, ending the Lundin deal.
• Lesson: “We’re not for sale” didn’t stop a major from stepping in.
Swiss role (get it?) in strategic move another indicator of an imminent sale IMHO.
£1+ GLA