re: Ann: RIO: Institutional Acceptance Facili...
Rio Tinto acquires 26pc control over Riversdale The Australian March 15, 2011
SHAREHOLDERS in Riversdale Mining backing Rio Tinto's sweetened $US4 billion bid for the coking coalminer have risen 8.27 per cent, taking the Anglo-Australian miner to 26.13 per cent of the company's voting rights. In a notice to the Australian Securities Exchange, Rio said it had a relevant interest -- indicating outright ownership or a call option -- over 17.76 per cent of Riversdale's shares, while a further 8.37 per cent of shares had been put into an institutional acceptance facility that would turn the shares over to Rio if the bid passed the 50 per cent threshold.
Rio last week raised its original $16-a-share bid to $16.50 amid lacklustre take-up from Riversdale's shareholders. The company's two largest investors -- Indian and Brazilian steelmakers Tata Steel and CSN -- hold a combined 47 per cent of voting rights, giving them an effective lock over any takeover offer. The takeover is due to close on April 1, although the $16.50 offer lasts only until March 23.
RIV Price at posting:
$15.45 Sentiment: Buy Disclosure: Held
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