SYDNEY, Feb 12 (Reuters) - Australia's Allegiance Mining Ltd...

SYDNEY, Feb 12 (Reuters) - Australia's Allegiance Mining Ltd (AGM.AX: Quote, Profile, Research) said on Tuesday a third party had ended due diligence and would not be making a proposal because it could not comply with a deadline Allegiance had set.

No third party is currently conducting due diligence, Allegiance said.

Allegiance has rejected a takeover bid of up to $654 million from fellow Australian miner Zinifex Ltd (ZFX.AX: Quote, Profile, Research) as inadequate. (Reporting by Jonathan Standing)






Allegiance, Fighting Zinifex Bid, Says Third Party Drops Out

By Madelene Pearson

Feb. 12 (Bloomberg) -- Allegiance Mining NL, fighting a A$775 million ($701 million) takeover offer from Zinifex Ltd., said a third party won't be making a rival bid after studying the target's finances.

The third party wasn't able to meet the deadline Allegiance set, the Sydney-based company said today in a statement to the Australian Stock Exchange, without identifying the potential bidder.