Eramet concedes error by upping Mineral Deposits bid

HAVING failed miserably to get Mineral Deposit shareholders to sell out for A$1.46 per share, French company Eramet has upped its bid for the ASX-listed company’s stock by nearly 20% to $1.75 per share.

Eramet concedes error by upping Mineral Deposits bid Eramet concedes error by upping Mineral Deposits bid Eramet concedes error by upping Mineral Deposits bid Eramet concedes error by upping Mineral Deposits bid Eramet concedes error by upping Mineral Deposits bid

ERAMET has upped bid to buy-out Mineral Deposits.

The new bid price is still some way below the $2.04-2.52 per share Mineral Deposits' "independent" expert Grant Samuel calculated, though Eramet said it will not increase the offer further "in the absence of any alternative or competing proposal".

Eramet was forced to up its bid after a mere 20,895 shares were sold into the bid in the initial weeks after the takeover was announced at the end of April.

Eramet and Mineral Deposits are 50:50 partners in an integrated mineral sands venture featuring operations in Senegal and Norway.

Mineral Deposits shares have traded above the offer price since the initial bid.

Shares in Mineral Deposits closed down 4.5% at $1.70 per share Wednesday.

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