Jan 11 (Reuters) – African Iron is confident
a takeover offer from South Africa’s Exxaro Resources
will secure 75 percent acceptances, even without its
second-biggest shareholder, Equatorial Resources, its
chairman said on Wednesday.
“We’ve looked at our register,…, and we feel that there is
a very, very good prospect of getting to 75 percent if
Equatorial don’t participate,” African Iron Chairman Ian Burston
told analysts and reporters on a conference call.
Exxaro has offered A$0.51 a share cash if it gets
acceptances from 50 percent of African Iron’s shares and would
raise that to A$0.57 a share, worth A$338 million, if it wins 75
percent support.
Equatorial Resources owns 19.9 percent of African
Iron.
($1 = 0.9681 Australian dollars)
(Reporting by Sonali Paul; Editing by Narayanan Somasundaram)
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