News: BC Iron closing in on Iron Ore Holdings

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Iron ore miner BC Iron Limited (ASX:BCI) is closing in on its takeover target Iron Ore Holdings Limited (ASX:IOH). 

 

BCI Iron secured a relevant interest of 81.28 per cent in its target from the beginning of this week. 

 

The stake is expected to rise to about 85.3 per cent with Iron Ore Holdings advising its third largest shareholder intends to accept next Monday 6 October. 

 

The acceptance would put BC Iron within sight of the minimum 90 per cent acceptance condition. 

 

Iron Ore Holdings has again urged all shareholders who have not accepted the offer to do so as soon as possible. 

 

Iron Ore Holdings believes BC Iron’s offer was compelling when it was announced in early August and remains so now. 

 

BC Iron reported a net profit of $73.6 million in the 2014 financial year.