Atlas Iron (ASX:AGO) has today announced the extension of the takeover offer for the company by Hancock Prospecting through its wholly owned subsidiary Redstone Corporation.
Redstone announced that its voting power in Atlas increased to 56.07 per cent on the 3rd of August, giving it majority control.
Atlas lodged its Target’s statement in relation to the Hancock offer on the 16th of July. The statement includes a report from the independent expert which concluded the offer is fair and reasonable to Atlas shareholders.
The Hancock offer is no longer subject to any conditions. Redstone has advised it will pay shareholders who accept the offer within seven days of their acceptance.
Shares in Atlas Iron (ASX:AGO) are trading is trading flat at 4.2c