Australian miner Atlas Iron has announced that as of Tuesday, September 20 it has received acceptances for its off-market takeover bid for emerging Australian mineral exploration company FerrAus which entitle Atlas to a relevant interest in 94.95 percent of FerrAus ordinary shares.
According to the company statement, if Atlas is entitled to compulsorily acquire the outstanding FerrAus ordinary shares at the close of the offer on October 5, 2011, it intends to proceed with compulsory acquisition of those FerrAus ordinary shares and any FerrAus ordinary shares which come into existence within the period of six weeks after Atlas gives the compulsory acquisition notice.
Atlas achieved to get over 90 percent in two and a half weeks after the takeover offer opened