MinRes bows out of Atlas fight

MINERAL Resources will not match Hancock Prospecting’s A$390 million takeover offer for Atlas Iron.

MinRes bows out of Atlas fight MinRes bows out of Atlas fight MinRes bows out of Atlas fight MinRes bows out of Atlas fight MinRes bows out of Atlas fight

On Monday, Redstone Corporation, a subsidiary of Gina Rinehart's Hancock, lodged a bidder's statement for the unconditional 4.2c per share cash offer after acquiring 19.96% of Atlas last week.

Hancock said its offer represented a superior value proposal for Atlas shareholders relative to the previously announced scrip takeover by Mineral Resources, representing a 41% premium to the implied value of the MinRes scrip proposal as of close of trading on Friday.

The MinRes offer valued Atlas at around 3.1c per share when it was announced in April, but Atlas shares have since gained 131.6%, while MinRes' have lost 4.9%.

Atlas had agreed to be acquired by MinRes via a scheme of arrangement, but MinRes gave Atlas until the end of this week to hold discussions with thi...

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