PERTH (miningweekly.com) – ASX-listed TerraCom has increased its voting rights in takeover target Universal Coal to 87% as the deadline for the takeover offer looms.
The suitor previously said that should it gain a shareholding of more than 75%, but less than 90% of Universal by the end of the offer period, the company would consider applying to the ASX to have Universal delisted, or would consider whether it was appropriate to maintain a listing on the Australian bourse.
TerraCom on Wednesday said that given its current acceptance levels, the company would apply to the ASX to have Universal delisted.
TerraCom’s offer for Universal will close on March 25.