News: AGO Australia's takeover panel declines action over Atlas Iron bid

July 2 (Reuters) - The Australian Takeovers Panels said on Monday it would not conduct proceedings against Atlas Iron (AGO) after a unit of iron ore miner Fortescue (FMG) , NCZ Investments, sought interim orders to restrain billionaire Gina Rinehart-controlled Redstone Corp from dispatching its bidder's statement.

"Following discussions with the Panel and ASIC, Redstone has agreed to incorporate disclosures from its supplementary bidder's statement in a replacement bidder's statement," the regulator said in a statement.

Atlas Iron is currently the subject of an unconditional A$390 million ($289 million) takeover bid by Redstone Corp Pty Ltd for the shares which it does not already have an interest in.