Photo by: Bloomberg
PERTH (miningweekly.com) – An independent expert has concluded that while the joint bid by China’s Baosteel and freight operator Aurizon Holdings for ASX-listed Aquila Resources was not fair, it was reasonable.
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.
This came after an off-market takeover bid from fellow-listed Mineral Resources fell through.
Although Aquila on Monday urged shareholders in its bidders statement to accept the joint offer from Baosteel and Aurizon, it noted that shareholders would be wise to hold off until July 3 to accept the offer, in case a superior offer should emerge.
The Baosteel and Aurizon offer was currently set to close on July 11, unless extended.
The parties have previously warned that they would not increase their offer price for Aquila.