Ann: CFE offer for DMC Mining increased and uncon, page-12

re: Ann: DMM: CFE offer for DMC Mining increa... Sage lifts bid for DMC
AAP May 10, 2010, 2:08 pm

Tony Sage's Cape Lambert Resources has lifted its takeover offer for DMC Mining and declared it free of all conditions, after DMC said earlier today that it had several interested parties which could make rival bids.

Cape Lambert this afternoon lifted its bid from 46-a-share to 50-a-share, equalling a rival bid from China's largest coking coal miner, Meijin Energy Group.

DMC Mining had advised its shareholders to not accept Cape Lambert's unsolicited cash bid of 46c-a-share, worth $40 million, but is yet to respond to the latest move.

DMC Mining said in its target's statement, lodged with the Australian stock exchange earlier today, 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.
At 2pm DMC shares were up 1c at 52c.

http://au.news.yahoo.com/thewest/business/a/-/wa/7198778/sage-lifts-bid-for-dmc/