All African Iron Limited
(ASX:AKI) directors have officially accepted Exxaro’s (JSE:EXX) offer for all of the shared and listed options it controls.
It comes after African Iron’s largest shareholder, Cape Lambert Resources
(ASX:CFE) accepted Exxaro’s offer for shares equivalent to 19.99 per cent of African Iron this week.
Independent non-executive chair of African Iron Ian Burton warns if shareholders don’t accept the offer or sell their shares, the company’s share price is likely to fall.
The takeover offer remain open until February 14.
African Iron Limited reported a loss of $6.8 million in the year to June 2011.
