While this post should probably be on the Portman board, i have posted it here for the info of POL holders as PMM has often been refered to here on the POL board.- ----------------------------------------------------------
Cleveland Cliffs takeover of Portman inches closer
Colin Jacoby Tuesday, 14 October 2008 - MINING NEWS -
AMERICAN group Cleveland Cliffs has moved closer to acquiring full ownership of Portman after boosting its stake in the iron ore producer to 90%.
In a notice to the Australian Securities Exchange, Cleveland Cliffs subsidiary Cliffs Asia Pacific increased its shareholding to 89.8% from the 85.19% it held before the launch of its bid for Portman.
In its bidder’s statement Cleveland said it would compulsorily acquire all remaining shares once it had purchased 75% of Portman shares that it didn’t already own.
Cleveland is offering Portman shareholders $21.50 cash for each company share it doesn’t already own.
The offer represents a more than 21% premium to Portman’s closing price of $17.70 on the day prior to the bid.
Cleveland’s offer is due to close on November 3 at 7pm EDT.
Shares in Portman have gained 13c to $21.14 in afternoon trade
POL Price at posting:
17.0¢ Sentiment: Hold Disclosure: Held
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