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Hancock raises takeover offer to increase Atlas Iron stake to 4.6pct per share

Mining News - Published on Fri, 28 Sep 2018

Image Source: The West Australian
Australian Mining reported that Hancock Prospecting subsidiary Redstone Corporation will increase its price for Atlas Iron shares from 4.2 cents to 4.6 cents per share on the condition that its stake of the company increases from 77 per cent to 87 per cent by the close of the offer. Redstone stated earlier this month it would increase its offer from 4.2 cents to 4.45 cents per share under similar conditions, a revision which was intended to be final at the time. In April, Mineral Resources announced plans to takeover Atlas Iron for USD 280 million, sparking a bidding war. Hancock then superseded Mineral Resources offer of USD 280 million with a USD 390 million bid, which Atlas Iron eventually urged shareholders to accept.

Hancock pointed out that if its shares in Atlas haven’t increased from 77 to 87 per cent by the closing period of the revised conditional offer on October 2, then Atlas shareholders who accept would not receive the increased offer price of 4.6 cents per share (a 9.5 per cent premium on the previous price).

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Posted By : Rabi Wangkhem on Fri, 28 Sep 2018
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