Iron ore producer Polaris Metals NL
(ASX:POL) says neither of the takeover offers proposed by Lion-Asia Resources and Mineral Resources is clearly superior to the other.
Lion-Asia Resources just this week announced a takeover offer to rival Mineral Resources that valued Polaris at $105.5 million.
Lion-Asia is offering 60 cents per Polaris share, with Mineral Resources offering one of its shares for every 12.5 Polaris share.
Polaris says its board has sought clarification on a number of issues from Lion-Asia in relation to its offer, with several of those issues remaining outstanding.
Mineral Resources offer is scheduled to close on October 26, unless extended.
Polaris says it will keep shareholders informed of any developments as they occur and says shareholders should monitor activity in the company’s shares on the ASX.
Polaris has posted net losses over the last five years.
