Photo by: Bloomberg
PERTH (miningweekly.com) – Hancock Prospecting’s takeover offer for iron-ore miner Atlas will close on October 12, with the suitor gaining more than a 90% interest in Atlas to date.
Hancock said that the shareholding would allow the company to start the compulsory acquisition of the remaining shares in Atlas under the same terms as the off-market takeover offer.
Hancock, through its subsidiary Redstone Corporation, is offering Atlas shareholders 4.2c a share in cash for their interest in the iron-ore miner.
“We will be turning our attention now to how best to integrate the Atlas business into the broader iron-ore interests within the Hancock Group,” Hancock CEO Garry Korte said.
“We encourage all remaining Atlas shareholders to accept the offer immediately and to ensure that their acceptances are received prior to the October 12 closing date, so that they can receive their offer consideration at the earliest opportunity.”
Redstone has told the remaining Atlas shareholders that the offer would not be extended.