AURIZON AND BAOSTEEL SECURE TAKEOVER

Written on the 3 July 2014

AURIZON AND BAOSTEEL SECURE TAKEOVER

THE joint takeover bid between AURIZON Holdings Limited (ASX:AZJ) and Baosteel Resources has been accepted by Aquila Resources.

The freight operator and resources company’s relevant interest has now increased to 52.7 per cent, under the $3.40 per share offer.

Aquila chairman and major shareholder Tony Poli relinquished his 28.9 per cent stake in the company, satisfying the bidders’ minimum acceptance condition.

As a result of the take-over Poli, Gordon Galt and Denise Goldsworthy have resigned as directors of Aquila effective today.

They will be replaced by bidder nominees Qingyu Li, Qinghua Zhou, Yiming Wu and Michael Carter on the board.

Aurizon and Baosteel have been pushing for the deal to go ahead since May, to commence development on the West Pilbara Iron Ore project.

Read more about the takeover bid here.

 

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