Atlas Iron Limited (ASX:AGO) has declared its $240 million off-market takeover bid for FerrAus Limited (ASX:FRS) as wholly unconditional.
Atlas has now secured a 60.48 per cent relevant interest in the iron ore developer, enabling Atlas to combine its South East Pilbara iron ore assets into FerrAus.
The offer, that was announced in June, will see FerrAus shareholders receive one Atlas share for every four FerrAus shares they own at an implied price of 85.8 cents per FerrAus share.
The board of FerrAus has unanimously backed the offer that is scheduled to close on October 5, 2011.
In the 2011 financial year, Atlas Iron delivered a maiden net profit of $168.6 million.
