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Aquila cofounder Bass to accept Baosteel-Aurizon offer

Aquila cofounder Bass to accept Baosteel-Aurizon offer

Photo by Bloomberg

26th June 2014

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – Joint bidders Baosteel and Aurizon Operations could claim a major stake in takeover target Aquila Resources, after the company’s cofounder Charles Bass said that he intended to accept the offer.

Bass holds nearly 10.7% of Aquila’s issued capital.

Both Baosteel and Aurizon on Thursday reported that their shareholding in Aquila had increased from 21.89% to 24.23%. With Bass’ shareholding, this stake could increase to nearly 35%.

Furthermore, fellow co-founder and current executive chairperson Tony Poli accepted the offer, a further 28.9% shareholding would be added to Baosteel and Aurizon’s kitty, giving the joint bidders a controlling interest in Aquila.

Aquila has previously urged shareholders to accept the takeover offer from Baosteel and Aurizon, which were jointly offering Aquila shareholders A$3.40 in cash for every share held, valuing the company at around A$1.4-billion.

If Aquila shareholders fully accepted the takeover offer, Aurizon would end up with a 15% shareholding in Aquila, while Baosteel would own the balance. If only between 50% and 90% of shareholders accept the offer, Aurizon would own a 10% shareholding in the takeover target, with Baosteel retaining the remaining shareholding.

Edited by Mariaan Webb
Creamer Media Senior Deputy Editor Online

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