Responding to media speculation, iron ore explorer Sphere Minerals Ltd
(ASX:SPH) says it has not received an alternative proposal to the recommended offer from Xstrata.
In August Xstrata’s $2.50 per share offer price for Sphere was recommended by Sphere shareholders valuing the company at around $428 million.
Sphere has today issued the statement in response to increasing speculation that a Singapore-based company is preparing to launch a superior proposal to Xstrata’s.
Last week Sin-Tang Development Pte Ltd secured an 8.63 per cent stake in Sphere, encouraging rumour that a bigger takeover could be coming up.
The Sphere board reaffirms that Xstrata's recommended offer is the only offer currently before shareholders and that shareholders should accept the offer in the absence of a superior proposal.
Sphere Minerals booked an $8.69 million loss in the year to 30 June 2010.
