BC Iron Ltd
(ASX:BCI) has recommended a cash takeover offer from Hong Kong’s Regent Pacific Group, a major shareholder.
The deal values the company at $345 million.
Regent owns a 19.87 per cent stake and is offering $3.30 cash per share. It’s an all-time-high price for the company.
Perth-based BC Iron is due to ship its first ore from the Pilbara this month.
BC Iron and Regent's shares were placed in a trading halt on Wednesday pending the transaction.
BC Iron posted a yearly loss of $1.4 million to June 30, 2010.
