Ann: Meijin Offer to Proceed , page-2

http://au.news.yahoo.com/thewest/business/a/-/wa/7198778/dmc-says-rival-bids-may-trump-cape-lambert/

DMC says rival bids may trump Cape Lambert
AAP May 10, 2010, 8:10 am

Takeover target DMC Mining says several parties eyeing the Africa-focused iron ore explorer could make offers to rival bids by a Chinese party and Cape Lambert Resources.

DMC Mining has advised its shareholders to not accept Cape Lambert's unsolicited cash bid of 46 cents per share, worth $40 million.

The target last week entered into a conditional takeover bid implementation deed with Meijin Energy Group Ltd, China's largest coking coal miner, which seeks to acquire DMC Mining for 50 cents per share, or $43.4 million.

DMC Mining said in its target's statement, lodged on Monday with the Australian stock exchange, that it had been soliciting superior proposals.

"Your directors, in conjunction with DMC's advisers, have been proactively soliciting proposals that may result in a suitable, superior alternative to the Cape Lambert offer," DMC Mining managing director David Sumich said.

"Furthermore, there are a number of parties currently undertaking due diligence with respect to potentially furnishing alternative proposals to the Cape Lambert offer and the proposed Meijin offer."
DMC Mining said it would advise its shareholders of the status of three preconditions to the Meijin offer before the May 25 closing date of the Cape Lambert bid.