Redstone Enhances the offer price for Atlas Iron, Sweetens The Bid

  • Sep 14, 2018 AEST
  • Team Kalkine
Redstone Enhances the offer price for Atlas Iron, Sweetens The Bid

Hancock Prospecting Pty Ltd owned Redstone Corporation has increased the offer price for Atlas Iron Limited (ASX: AGO) to 4.45 cents per share, given the sharing power of Redstone increases to 87% or more during the offer period. Earlier the offer price stood at 4.2 cents. If Atlas gives its nod on the new offer, Redstone would pay additional 0.25 cents per share to the shareholders who were in favor of the Hancock offer before the offer price was revised upwards. However, the Offer Price would remain the same, if Atlas does not agree to the voting power condition.

The Hancock offer is open till 5p.m. (Perth time) on 21 September 2018. In its report filed with ASX on 16 July 2018, Atlas stated that the offer by Hancock is fair and reasonable to the Atlas shareholders. Redstone has been ramping up its voting power in Atlas for quite some time now and according to the official statement, currently it stands at 76.43%. According to the filing with ASX, Hancock held 75.4% voting power in Atlas Iron.  Redstone has also offered the Atlas the funds to repay the Term Loan B facility or will step-in to the Term Loan B facility. However, the bidder refrained from disclosing the terms of such funding to Atlas and therefore it should be taken with a pinch of salt right now.  

Redstone has also issued the instructions for the shareholders who want to accept the offer. The company has stated that the acceptances must be received by 21 September 2018, subject to any further extension. Redstone also mentioned that the Atlas shareholders who accept the offer would be paid within seven days of their acceptance.

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