Atlas board backs Rinehart’s $390m bid

Original article by Brad Thompson
The Australian Financial Review – Page: 22 : 22-Jun-18

Mineral Resources will be entitled to a break fee of $A3.12m after Atlas Iron’s board recommended that shareholder accept the rival bid from Gina Rinehart’s Hancock Prospecting. Atlas had previously endorsed Mineral Resources’ scrip offer of $A0.036 per share, which was trumped by Hancock’s cash bid of $A0.042 per share. Fortescue Metals Group could also make a counter-bid for Atlas in the wake of its recent move to acquire a 19.9 per cent stake in the iron ore producer.

CORPORATES
ATLAS IRON LIMITED – ASX AGO, HANCOCK PROSPECTING PTY LTD, MINERAL RESOURCES LIMITED – ASX MIN, FORTESCUE METALS GROUP LIMITED – ASX FMG, REDSTONE CORPORATION PTY LTD, CLEVELAND-CLIFFS INCORPORATED

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