BENGALURU: Mining infrastructure provider Mineral Resources said it would not make an offer to counter Hancock Prospecting’s A$390mil (US$288mil) bid for Australia’s Atlas Iron.
That will likely cool expectation of a possible bidding war for the iron ore miner, after Atlas on Tuesday gave Mineral Resources three business days to match a A$0.042 per share takeover offer from Australian billionaire Gina Rinehart’s Hancock Prospecting. Atlas operates in the iron ore rich Pilbara region of Western Australia and has undeveloped tenements that could be brought into production with a larger partner.
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