Sphere rebuffs Sin-Tang financing proposal

The Australian.com reports that Sin-Tang’s financing proposal has been rejected by Sphere (ASX:SPH), that was in competition with Xstrata’s(LON:XTA) $514m takeover offer.

The story is quoted as saying:

Sphere’s rejection and continuing backing of Xstrata’s revised $3-a-share offer means Sin-Tang will either be forced to make a rival full takeover bid, feed its 12 per cent stake into Xstrata’s offer or sit pat.

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