Supplier of goods and services to the resources sector Mineral Resources Ltd
(ASX:MIN) has increased the cash component of its takeover offer for Polaris Metals NL
(ASX:POL).
The company says it will now offer one share for every 10 Polaris shares held plus 10.1 cents cash for every one Polaris share held.
Mineral Resources says the increased offer will be provided to all accepting Polaris shareholders, including those who have already accepted and been issued their consideration.
The company says this increase is conditional on it achieving sufficient acceptances, before the closing date of the share offer.
Mineral Resources says the increase values Polaris at 82.1 cents a share based on Minerals Resources shares closing price yesterday.
Minerals Resources posted profit of $44.31 million for fiscal 2009.
