JOHANNESBURG (miningweekly.com) – The directors of Flinders Mines have all accepted the improved offer of 2.5c a share from New Zealand’s Todd Corporation, which earlier this month increased its all-cash takeover offer from 1.3c a share.
The Flinders board has again recommended that shareholders accept the offer, which was a 213% premium to the closing price of the company before the initial offer was launched in March.
Todd is interested in Flinders’ West Pilbara Iron Ore Project, in Western Australia, and has previously tried to enter into an alliance on the development of the project.