Singapore based Lion-Asia Resources has launched an off-market all cash takeover offer to acquire all the shares in Australian iron ore Junior Polaris Metals NL
(ASX:POL).
Lion-Asia says its offer of 60 cents a share is superior to the offer for Polaris announced by Mineral Resources Ltd (ASX:MIN) on August 20.
Lion’s offer values Polaris at around $105.5 million.
Lion’s chairman says its offer for Polaris is compelling and represents a significant premium to the scrip bid made by Mineral Resources.
Lion is a joint venture company incorporated in Singapore by Singapore listed Lion Asiapac and Tan Sri William Cheng Heng Jem, chairman of Malaysia’s Lion Group.
Mr Cheng Heng Jem has a 25.5 per cent stake in Polaris. Looking back over the past five years Polaris is yet to post a net profit.
