MinRes: one day left to match Hancock bid
Published by Stephanie Roker,
Editor
Global Mining Review,
Western Australian iron ore mining firm Atlas Iron has given Mineral Resources until 21 June to match a takeover bid from Australian entrepreneur Gina Rinehart's Hancock Prospecting, reports Argus Media.
Atlas' board of directors said that the Hancock offer of AUS 4.2¢ for each Atlas share is superior to the previous offer from Mineral Resources and has given Mineral Resources until 21 June to match it. Mineral Resources has offered one of its share for 571 Atlas shares, which equates to around AUS 2.9¢ per Atlas share at Mineral Resources' opening share price of AUS$16.40 (AUS$12.10).
Atlas is struggling to remain profitable because of the large discounts applied to its lower grade ore, but has attracted takeover interest because of its 15 million tpy export allocation at Port Hedland. Australian iron ore mining firm Fortescue Metals has also acquired 19.9% of Atlas but has not made a direct bid for control of the firm.
Read the article online at: https://www.globalminingreview.com/finance-business/20062018/minres-one-day-left-to-match-hancock-bid/
You might also like
Critical minerals: Africa wants to process, China builds
Louise Margolin, Deputy Editor-in-Chief at Africa Business+ and Mining Editor at Jeune Afrique, and Ousmane Diawara, Partner Mining & Infrastructure at EY, explain how Africa is increasing its mineral processing capacity, with support from China.