Australia-based Aquila Resources Limited has announced that it has received an off-market takeover offer from Australian miner Mineral Resources at A$3.75 per share, while Baosteel Resources
Australia Pty Ltd (Baosteel) and Australian rail and logistics company Aurizon Operations Limited (Aurizon) said that they will not increase their A$3.40 per share offer.
However, the bid by Baosteel and Aurizon has remained preferable to the higher non-binding bid by Mineral Resources. Aquila's Independent Board Committee and Aquila chairman and 30 percent shareholder Tony Poli said that they intend to recommend that Aquila shareholders accept the offer by Baosteel and Aurizon.
As SteelOrbis previously reported, last week Mineral Resources acquired a 12.78 percent stake in Aquila, buying more than 52 million shares in the company.