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Money Australia's Atlas backs Rinehart's $287 mln takeover bid

23:55  01 july  2018
23:55  01 july  2018 Source:   reuters.com

Atlas Iron recommends shareholders back Rinehart's offer

  Atlas Iron recommends shareholders back Rinehart's offer Atlas Iron says Gina Rinehart’s all-cash, $390 million offer for the company is superior to an earlier bid from Mineral Resources.Atlas also formally withdrew its earlier backing of a scheme of arrangement with Mineral Resources.

CORRECTED-UPDATE 2- Australia ' s Atlas Iron backs Rinehart ' s $ 287 mln buyout offer. * Atlas agrees to takeover from one of Australia ’ s richest people. A subsidiary of Rinehart ’ s company launched an unconditional cash bid for the miner last week, trouncing a A0.2 million scrip offer

Atlas Iron on Thursday recommended a A0 million ($ 287 million) bid from Australian billionaire Gina Rinehart ' s Hancock Prospecting after rival suitor Mineral Resources pulled out of the race for the small iron ore miner.

Billionaire Gina Rinehart.© AAP Billionaire Gina Rinehart. Australian iron ore miner Atlas Iron (AGO.AX) said on Friday its board unanimously recommended a A$390 million ($287 million) takeover bid from Australian billionaire Gina Rinehart's Hancock Prospecting.

Hancock's Redstone Corp launched an unconditional all-cash bid for the iron ore miner last week, trouncing an earlier A$280.2 million scrip offer in April from Mineral Resources (MIN.AX)

The recommendation comes days after world No. 4 iron ore miner Fortescue Metals Group (FMG.AX) requested a delay in the bid, seeking further disclosures.

Fortescue has built up a near 20 percent stake in Atlas, enough to block Hancock's Redstone from taking full control of the small miner, and said this week it was still assessing its "strategic options" regarding its Atlas shareholding.

Godfreys founder gifted with takeover

  Godfreys founder gifted with takeover Godfreys founder has secured 91.21 per cent of the company's shares through his family-owned company, Arcade Finance, only weeks before his 100th birthday.Mr Johnston, who turns 100 in July, first proposed buying back the company in April through his family-owned Arcade Finance.

Atlas Iron on Thursday recommended a A0 million ($ 287 million) bid from Australian billionaire Gina Rinehart ' s Hancock Prospecting after rival suitor Mineral Resources pulled out of the race for the small iron ore miner.

CORRECTED-UPDATE 2- Australia ' s Atlas Iron backs Rinehart ' s $ 287 mln buyout offer. * Atlas agrees to takeover from one of Australia ' s richest people. Australia ' s Atlas Iron backs Rinehart ' s $ 287 million Hancock bid .

Atlas said it expects the Hancock offer to open early next week and advised shareholders to take no action at present.

Both Hancock and Fortescue, controlled by fellow billionaire Andrew Forrest, covet Atlas' rights at Australia's biggest iron ore port, Port Hedland, given limited opportunities for expansion. Hancock majority-owns the Roy Hill iron ore mine.

(Reporting by Chandini Monnappa in Bengaluru; editing by Richard Pullin)

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Madden Landicho, 6, has a unique talent. He can recite every single country in the world in alphabetical order from memory — in no time flat. It's pretty impressive.-The kindergartner can recite every country in alphabetical order.

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