LION-ASIA Resources is launching a cash offer for iron ore junior Polaris Metals that values its target at $105.5 million.
The Singapore-based group said its offer is superior to the friendly all-share bid for Polaris from Australia's Mineral Resources, pitched at one Mineral Resources share for every 12.5 Polaris shares held.
Lion-Asia is a joint venture between Lion Asiapac and Vital Bond., the private investment company of Lion Group chairman Tan Sri William Cheng Heng Jem.
"Lion's cash offer for Polaris is compelling and represents a significant premium to the scrip (stock) bid made by Mineral Resources," Mr Cheng Heng Jem said in a statement.
Mr Cheng Heng Jem has a stake of 25.5 per cent in Polaris, while Mineral Resources said today that acceptances of its offer have seen it up its stake to 26.7 per cent form 24.8 per cent previously.
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