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Xstrata directors had reacted skeptically to Glencore's offer on Friday. They said the improved offer of 3.05 shares represented a 17.6 percent premium to the undisturbed Xstrata share price on Feb. 1, the day before Xstrata confirmed that it had been approached by Glencore, and 22.2 percent to the closing price on Sept. 6, "which is significantly lower than would be expected in a takeover." The directors also said that replacing Davis "represents significant risk around the retention of the Xstrata senior and operational management intended to be responsible for approximately 80 percent of the combined group's earnings."
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