LNM revises partial offer for South African Iscor

LNM revises partial offer for South African Iscor

The UK based producer LNM Holdings has revised its offer previously made in December 2002. The company now offers that it will buy out minority shareholders in case it reaches 60% holding while looking to acquire a share capital up to 12.19%. The offer has a deadline of January 22, 2003 for acceptance. Such revising is widely seen as an intention to meet the concerns of Iscor's institutional shareholders. LNM currently owns a 34.81% of the issued share capital of Iscor. The company has a commitment to invest minimum a $75 million in Iscor prior to end March 2003 which was agreed under the Business Assistance Agreement between LNM and Iscor, concluded on November 22, 2002.