JOHANNESBURG (miningweekly.com) – New Zealand’s Todd Corporation said on Thursday that it had no intention to increase the offer price of 2.5c a share for Flinders Mines.
The company denied speculation that, shortly after the close of its takeover bid for Flinders, it intended to undertake a further process to acquire any remaining shares at a higher offer price.
“As previously announced, Todd would like to remind Flinders’ shareholders that the current offer price of 2.5c a Flinders share is best and final and will not be increased, in the absence of an alternative proposal or competing proposal from a third party,” Todd stated.
Earlier in the week, Todd extended the offer period to June 27.
The directors of Flinders Mines previously indicated that they had accepted an improved offer of 2.5c a share and had urged shareholders to do the same.
Todd was interested in Flinders’ West Pilbara Iron Ore Project, in Western Australia, and had previously tried to enter into an alliance on the development of the project.