Atlas Iron announces takeover shares

Company News

by Rachael Jones

The Chairman of Atlas Iron (ASX:AGO) has given more information on the planned proposal to combine with Mineral Resources (ASX:MIN).

The company is under takeover in a $280 million all scrip deal with Mineral Resources (ASX:MIN), a Perth-based company with a diversified portfolio including significant lithium resources.

If the Scheme is approved Atlas shareholders will receive 1 Mineral Resources share for every 571 Atlas shares they hold at the record date, with Mineral Resources proposing to acquire the entire issued capital of Atlas.

The Atlas Directors have announced their unanimous support for the transaction.

MinRes is a diversified ASX-listed mining services and processing company with a market capitalisation of more than $3 billion.

It has extensive operations in the Pilbara region including iron ore and lithium mining and processing.

Atlas Iron (ASX:AGO) is trading down 3.3 per cent to 2.9c and Mineral Resources (ASX:MIN) is down 3.61% to $17.35.

 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.