It seems a done deal not much hope for a higher price but...

It seems a done deal not much hope for a higher price but stranger things have happened.
Happy to wait and see. If Regent think BCI is good value then maybe a cashed up DF might think it is as well or a GBG with a large Chinese partner who knows but worth finding out just in case as having that JV with the FMG rail must look juicy to a few.

Cheers
Hotlegs

BC Iron to delist in takeover deal Mathew Murphy
January 22, 2011
.BC IRON is set to delist from the Australian Securities Exchange but retain its brand as part of a recommended all-cash offer by Regent Pacific Group that values the iron ore producer at $345 million.

Hong Kong-listed Regent Pacific declared its hand yesterday, offering $3.30 a share for all the BC Iron shares it does not own, a 43 per cent premium on the $2.30-a-share placement announced in November.

BC Iron shares raced to just under the offer price, indicating the market's sense that the bid is practically a done deal.

Advertisement: Story continues below Regent Pacific chief executive Jamie Gibson said there would be no job losses, including within management.

It has been a whirlwind four years since Mike Young-led BC Iron listed on the ASX. First production at its 50:50 Nullagine joint venture with Fortescue Metals started in November before its first shipment this quarter. BC Iron aims to produce 5 million tonnes of iron ore a year by 2013

Mr Gibson said the Nullagine project was not what attracted Regent Pacific to make an offer.

''Not at all,'' he said. ''Our offer isn't just predicated on that basis, it is predicated on the basis that we think BC Iron is a complementary asset for Regent.

''We have no plans to change delivery of BC Iron. It is business as usual. There is no attrition. We are adding value to Regent through a quality management team, which will add benefits to our team.''

He said he believed the all-cash nature of the offer had brought success where others such as Wah Nam's all-scrip offer for fellow iron ore juniors FerrAus and Brockman Resources had failed.

''The old adage about cash being king is really true,'' Mr Gibson said. ''You come with a full cash offer and I think the board has got to put its fiduciary cap on and have a look at that in terms of value parameters.''

Regent Pacific first appeared on BC Iron's share register in June 2009. But Mr Gibson said it was not until shortly before BC Iron's second-largest shareholder bought 2 million shares in November, taking its stake to just under 20 per cent, that he decided to mount a takeover bid.

Mr Young said the takeover would not affect the joint venture with Fortescue or native title agreements with traditional owners.