Thursday, 16 Jun 2011
It is reported that West Australian iron ore junior FerrAus is set to accept Hong Kong limousine and investment company Wah Nam USD 170 million scrip takeover offer.
Wah Nam recently gained a controlling stake in Brockman Resources, a move the FerrAus board said last month made it inclined to reverse its rejection of Wah Nam separate bid for FerrAus because of the logic of developing the pair's neighboring deposits together.
Mr Christopher Hunt FerrAus company secretary said that Wah Nam controlling stake in Brockman had boosted the underlying value and quality of the predator's scrip significantly beyond where it was in November when Wah Nam made separate offers for the two Perth juniors.
He said that "FerrAus directors consider that an improved offer, together with a deeper understanding of a combined strategy, may warrant a change of recommendation."
It is believed FerrAus directors consider the offer has already improved and are looking at recommending the deal at its current price. (sourced from TheAustralian)
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