Hedge fund Senrigan Capital Management has asked Australian regulators to intervene in Yancoal Australia’s efforts to fund its $2.69-billion purchase of the Coal & Allied division of Rio Tinto, saying it is unfair to minority shareholders.
Senrigan is seeking an order from Australia’s Takeovers Panel that a proposed renounceable entitlement offer to raise up $2.35-billion be prevented from proceeding in its current form without shareholder approval.
