ERA, Rio suffer setback at Takeovers Panel

AUSTRALIA’S Takeovers Panel has declared the terms of a A$476 million entitlement offer being pursued by Energy Resources of Australia as unacceptable to minority shareholders, and it has ordered further disclosures be made.

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Ranger.

The offer is underwritten by 68.4% shareholder Rio Tinto, which was forced into the deal by a lack of market interest in funding rehabilitation at the Ranger uranium mine.