chf sitting next to sphere

A bidding war for CHF's iron ore projects? possible

read on

Sphere is a West African iron ore explorer, focused on Mauritania. The company received a takeover bid from mining giant, Xstrata PLC’s (LON: XTA) subsidiary Sidero Pty Limited in August 2010 for $2.50 per share. A major shareholder, Singaporean based Sin-Tang developments, with 13.5% of Sphere rejected the bid, which stopped Sidero from acquiring more than 90 per cent of the company — hence the reason Sphere is still listed and trading.

Sidero raised the offer price to $3 but that has now lapsed. with Sidero owning 87.8%, Qatar Steel now holding 7.8% and Aus-Ore Investments holding 4.2% (after Sin-Tang disposed of its holdings), Sphere Minerals could be one of the most illiquid listed stocks on the ASX.

http://www.fool.com.au/2012/07/investing/10-of-the-best-performing-asx-stocks-in-the-last-year/