Original article by Paul Garvey
The Australian – Page: 21 : 20-Jun-18
Atlas Iron has given Mineral Resources three days to match the rival bid from Gina Rinehart’s Hancock Prospecting. Mineral Resources’ share price has fallen sharply since launching its scrip bid; based on its closing price of $A16.15 on 19 June, the implied value of its offer has fallen to $A0.028 per share, compared with Hancock’s cash bid of $A0.042. Atlas’s port access rights at Port Hedland are a key attraction for the bidders – despite the Western Australian Government’s ruling that junior miners have priority access – along with accumulated tax losses that exceed $A500m.
ATLAS IRON LIMITED – ASX AGO, MINERAL RESOURCES LIMITED – ASX MIN, FORTESCUE METALS GROUP LIMITED – ASX FMG