Atlas Iron Trumps Wah Nam International Offer For FerrAus
Jun. 27, 2011 08:32AM PST
Base Metals Investing Perth Now reports that Atlas Iron (ASX:AGO) has outbid Wah Nam International (HKG:0159) for FerrAus (ASX:FRS).
Perth Now reports that Atlas Iron (ASX:AGO) has outbid Wah Nam International (HKG:0159) for FerrAus (ASX:FRS).
The market news is quoted as saying,
In a complex transaction, Atlas has agreed to sell a group of its Newman iron ore tenements to FerrAus, and then effectively buy them back through an all-scrip offer for the entire company.
The first stage of the takeover play will result in Atlas controlling a 38 per cent stake in FerrAus shares. The iron ore exporter will pay $24.3 million cash for 37.4 million FerrAus shares, and will sell a group of its iron ore tenements near Newman for a further 121.8 million shares.