Stockbroking | Wealth Management | Corporate Advice

x

Resizing text on the web

To increase or decrease the magnification of a web page, press Ctrl and '+' (plus) to zoom in or Ctrl and '-' (minus) to zoom out. To return the page to its original size, press Ctrl + 0.

You can also scroll the mouse wheel up and down while holding Ctrl to increase/decrease zoom level.

Rinehart lifts bid for final Atlas shares

Gina Rinehart's Hancock Prospecting is prepared to raise its offer for Atlas Iron in an attempt to buy the remaining shares.

Hancock subsidiary Redstone has a 77 per cent stake in the junior miner and will raise its offer price from 4.2 to 4.6 cents per share if its holding hits 87 per cent before the extended deadline of next Tuesday.

The teaser will add $37 million on top of the original $390 million bid.

Atlas Iron's board already recommended Redstone's bid over one from ASX-listed rival Mineral Resources, and any shareholder who has already accepted would also receive an additional 0.4 cents-per-share payment.

Andrew Forrest's Fortescue Metal Group attempted to halt the takeover in June through the Takeovers Panel but the industry watchdog declined the case after Redstone agreed to clarify its bid.

Atlas's assets include the rights to potentially valuable undeveloped port capacity in Port Hedland, northern WA, which analysts UBS have suggested might have attracted Fortescue's interest.

Fortescue had reduced its stake in Atlas from 19.9 to 11.4 per cent by early August.

Atlas shares opened up 0.2 cents, or five per cent, to 4.4 cents at 1010 AEST.

Austrlaian Associated PressBack to Breaking News

Market Indices