Supplier of goods and services to the resource sector, Mineral Resources Ltd
(ASX:MIN) has increased its offer for Polaris Metals NL
(ASX:POL).
The company is now offering one Mineral Resources share for every 12 Polaris shares and five cents for every one Polaris share.
The sweetened offer now values Polaris at 65.33 cents a share.
Mineral Resources says it has been informed by the Polaris board that its sweetened offer is superior to that made by Lion-Asia Resources on October 6.
The Polaris board says it intends to recommend that Polaris shareholders accept the increased share offer, in the absence of a superior proposal.
On October 9, Polaris said that it could not decide which one was the superior offer between Mineral Resources offer of one share for every 12.5 Polaris shares and that of Lion-Asia’s of 60 cents a share.
Mineral Resources says it has asked Polaris to waive the 50.1 per cent minimum acceptance condition and that should it pass the 50.1 per cent threshold it will waive all other conditions.
It has also extended the offer period by two weeks till November 9.
Mineral Resources profit dipped slightly in 2009 from the year before.
