The Australian reported this week that China’s Baosteel has taken control of Aquila Resources (TSX:AQA), beating out a rival offer from Australia’s Mineral Resources (ASX:MIN). The bid was backed by Charles Bass and Tony Poli, co-founder and executive chairman of Aquila respectively, according to the Australian.
As quoted in the publication:
Last week Mr Poli revealed he would sell his almost 30 per cent stake to Baosteel, which already has a 20 per cent interest in the target. Given there is still a slight chance that a superior proposal could emerge, Mr Poli last week recommended that shareholders delay acceptance of the offer until July 3. If they accept now they could be excluded from accepting a superior proposal if one emerges.