Illuka

ILU was mentioned in Bluechip watch first on 15th May, plus a few more times.

Today (29th May) we have the announcement listed below.

Iluka $130m bid for Basin Minerals at $2.10 a share
09:15, Wednesday, 29 May 2002

Sydney - Wednesday - May 29: (RWE) - Iluka Resources has made a
$130 million friendly takeover bid for Basin Minerals.
Basin directors, who together control about 37.8 per cent of the
company, will accept the offer for their shareholdings.
The offer comprises a cash-only alternative of $2.10 a share; a
scrip alternative of 10 Iluka shares per 23 Basin; or a mix of the two.
Iluka is also offering $1.85 cash per listed option.
Iluka said the takeover of Basin would create substantial and
quantifiable value, and would allow Iluka to realise the full potential
of its mineral sands interests in the Murray Basin.
Iluka was formed in December 1998 through the merger of RGC Ltd
and Westralian Sands Ltd.
Shares in Basin closed yesterday at $1.50 and Iluka at $4.86.