FerrAus says no

The Herald Sun.com reports that Iron miner FerrAus (ASX:FRS) has rejected a takeover bid from Chinese Wah Nam International Holdings.

The story is quoted as saying:

FerrAus directors yesterday told shareholders to reject the bid by its 19.9 per cent stakeholder, of six Wah Nam shares for each FerrAus share.
Wah Nam said its offer valued FerrAus at about $1.30 a share – above yesterday’s close of $1.14.
Meanwhile, FerrAus is also in talks with BHP and its joint venture partners to use the Mount Newman rail line for ore haulage

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