Meijin ups offer for DMC Mining The West Australian May 21, 2010, 2:05 pm
Shares in takeover target DMC Mining jumped after the company revealed its Chinese suitor had increased its offer for the company from 50 cents to 53 cents.
DMC told shareholders not to take any action until its board had had an opportunity to review the revised offer and make a recommendation in light of a competing 50 cents-a-share bid from Tony Sage's Cape Lambert Resources.
Emerging from a trading halt, DMC shares jumped two cents, or 3.85 per cent, to 54 cents at the close of trade.
Cape Lambert, which already owns 35.4 per cent of DMC, has said its stake was for sale at the right price.
At stake is DMC's flagship asset, the 80 per cent owned Mayoko iron ore project in the Republic of Congo, which has a historic inferred resource of 33.1 million tonnes. Cape Lambert shares closed down half a cent at 38.5 cents.
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CFE Price at posting:
38.5¢ Sentiment: None Disclosure: Held
