Australia-based miner
Iron Ore Holdings (IOH) has urged its shareholders to accept the off-market takeover bid from the Australian
iron ore development company BC Iron Limited by Monday, October 6.
BC Iron currently holds 81.3 percent of shares in IOH, and, with IOH's third largest shareholder Sumisho confirming that it will accept the offer, BC Iron's shares rise to 85.3 percent, moving closer to 90 percent which is the threshold for compulsory acquisition.
Under the takeover deal, BC Iron is offering 0.44 new BC Iron shares and A$0.10 in cash for each IOH share held.