JOHANNESBURG (miningweekly.com) – JSE-listed Exxaro Resources on Thursday finalised a bid to take over ASX-listed African Iron, declaring all conditions free, other than the condition of minimum acceptance of 50% of African Iron shareholders by February 14.

The company also declared its offer price final, unless it reached the 75% acceptance threshold.

The offer price of $0.51 a share would be increased to $0.57 if Exxaro acquired 75% or more of the fully diluted share capital of African Iron. The offer price for the listed African Iron options is $0.31 per option, increasing to $0.37 if the 75% threshold is reached.

“The African Iron directors had unanimously recommended, and continue to unanimously recommend, that shareholders and listed option holders accept the offers in the absence of a superior proposal,” Exxaro said in a statement.

Under Australian takeover law, the offer will automatically extend for a further two weeks if Exxaro receives 50% or more acceptances in the last seven days of the offer period.

Exxaro has received acceptances in respect of about 22.25% of African Iron’s issued shares and 31.21% of its listed options.
 

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