[miningmx.com] — AFRICAN IRON’S directors have formally accepted Exxaro’s takeover offer, the company announced on Friday.
Exxaro is offering A$0.51 cash for each African Iron share – an iron ore junior based in the Republic of Congo; listed on the ASX – which Exxaro will increase to A$0.57 cash per share if it acquires a relevant interest in 75% or more of all the African Iron shares.
Exxaro is also offering A$0.31 cash for each listed option, which Exxaro will increase to A$0.37 cash per listed option if it acquires a relevant interest in 75% or more of all the African Iron shares.
This follows the announcement earlier this week that African Iron’s largest shareholder, Cape Lambert had formally accepted Exxaro’s offer for shares equivalent to 19.99% of African Iron.
The company said all shareholders and optionholders should this week receive African Iron’s Target’s Statement which details the offers.
“The African Iron board unanimously recommends that shareholders and
optionholders accept the Exxaro takeover offers, in the absence of a superior
proposal,” read the announcement.
The offer closes on February 14 at 17:00, Perth time.