Exxaro takeover offer for African Iron subject to minimum acceptance condition

According to Australia-listed iron ore exploration and development company African Iron Limited (African Iron), South Africa-based mining company Exxaro Resources Limited (Exxaro) has confirmed that its offer for all the shares and listed options in African Iron will remain subject to the 50 percent minimum acceptance condition.
 
The offer will close on February 14, unless Exxaro obtains more than 50 percent of acceptances or increases its offer price in which case the offer period will be extended. African Iron's non-executive chairman Dr. Ian Burston said that, if acceptances do not exceed 50 percent before the end of the offer period, the offer will expire, resulting in a major risk of a fall in the African Iron share price.

Burston reiterated the recommendation to shareholders that they accept the takeover offer in the absence of a superior proposal.