PERTH (miningweekly.com) - ASX-listed resource company Cape Lambert has accepted the takeover offer for its remaining 26.38-million shares in takeover target African Iron, from South African miner Exxaro Resources.

Cape Lambert, which is the largest shareholder in African Iron, has previously accepted the takeover offer for 19.9% of its 25.25% shareholding, stating that it would accept the offer for its remaining shares if a superior offer was not forthcoming.

Exxaro was offering 51c in cash for each African Iron share, and would increase this offer to 57c in cash if it acquired a relevant interest of 75% or more. The miner was also offering 31c a share for each African Iron option, with the offering increasing to 37c a share if it acquires a 75% relevant interest.

Cape Lambert said on Monday that subject to the takeover offer becoming unconditional, the acceptance of the offer could garner as much as A$72.2-million for the company’s coffers.

Exxaro’s takeover offer would close on February 14, unless extended.
 

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