Supplier of goods and services to the resource sector Mineral Resources Ltd
(ASX:MIN) has sweetened its offer for Polaris Metals NL
(ASX:POL) and extended the offer period.
The company has extended the period of its share offer for all the shares in Polaris by two weeks to December 9.
Mineral Resources has also increased its offer and is now offering one of its shares for every 10 Polaris shares held plus 10 cents cash for every one Polaris share held.
The new offer values Polaris shares at 81.3 cents a share, a 171% premium to Polaris’ last closing price of the 30 cents on August 14 before the offer was made.
The offer is also a 16% premium to the 70 cents a share offered by Lion Asia Resources.
Mineral Resources says it now has a relevant interest in 32.04% of Polaris shares.
Mineral Resources 2009 net profit of $44.3 million dipped from the year before.
