Ann: MIN: Atlas Iron Ltd - Redstone Offer, page-132

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Red brightman

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20/06/18

23:54

Post #: 33842010
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Originally posted by Richie2013 ↑

MinRes Waves White Flag In Atlas War

Gina Rinehart’s Hancock Prospecting is the as the only live bidder for embattled iron ore miner Atlas Iron after the first bidder, Mineral Resources (MINRES) bailed on Wednesday evening.

That was after Atlas gave MINRES until late today to decide whether to match or top the 4.4 cets a share cash offer from hancock, for abandon its offer.

MINRES had offered one of its shares for 571 Atlas shares which valued the target at 3.2 cents a share.

That valued Atlas at around $280 million against the $390 million on offer from Hancock which has bought a 19.97% stake in Atlas.

The focus now turns to Fortescue Metals Group, which still holds 19.9% of Atlas, and has not yet revealed whether it will launch a rival offer for the junior miner or whether it would sell its holding into Hancock’s bid.

Fortescue would make a small profit if it was to sell into the Hancock bid, having amassed its stake for 4 cents a share.

Perth sources suggest that the Andrew Forrest-led company could decide to retain its holding, which would be a frustrating factor for Hancock if it wanted 100% control of the company. Relations between Mr Forrest and Ms Rinehart are said to be frosty.

The Hancock’s bidder’s statement containing its offer is expected to be released in about two weeks and sent to Atlas shareholders.

Atlas shareholders will have a month to accept unless the offer is extended or withdrawn.

Analysts are interested to see if the offer document contains any financial details of Hancock and the Roy Hill iron ore mine in WA.

Atlas will have to get a valuation done from an independent expert which could also contain details of the finances of Hancock prospecting whose subsidiary, Redstone Corporation Pty Ltd is the bidding vehicle.

http://www.*********.com.au/*********.asp?a=AV&ai=48986

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Last sentence of this states "Atlas will have to get a valuation done from an independent expert which could also contain details of the finances of Hancock prospecting ....."
Is this statement true? The offer was stated to be unconditional, no due diligence or other assessment needed.

AGO Price at posting: 4.5¢ Sentiment: Hold Disclosure: Held
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