"The choice for Riversdale shareholders is clear - accept the offer or risk seeing their share price return to pre-bid levels, " said Rio Tinto Energy chief executive Doug Ritchie.

BBC: Rio Tinto raises bid for Australia's Riversdale

Doug Ritchie, who led the acquisition of the Mozambique coal assets as head of Rio Tinto's energy division, has also resigned.

BBC: Rio Tinto boss Tom Albanese resigns over $14bn write-down

He owns personally and Atalanta Sosnoff Capital owns for clients the following stocks cited in this commentary: Google, Phelps Dodge, Amerada Hess, Rio Tinto, Transocean, GlobalSantaFe, CONSOL Energy, Peabody Energy, Hovnanian Enterprises, Apple Computer, Corning Glass and Microsoft.

FORBES: Magazine Article