Deals

Baosteel and Aurizon look set to gain control of Aquila Resources after the iron ore hopeful rejected a takeover proposal from Mineral Resources, and instead recommended its shareholders accept the current $3.40 per share offer.

Nedlands-based explorer Bullabulling Gold has advised its shareholders to reject Norton Gold Fields’ increased takeover offer of 8 cents per share to obtain a 30 per cent interest in the company.

Perth exploration company Bauxite Resources has announced a return of about $9.3 million to shareholders, which has jumped the company’s share price by 12 per cent.

Blackham Resources has received commitments for $2.2 million through a placement of 10.5 million shares at 21 cents to sophisticated and professional investors.

SAE Institute Group, a subsidiary of Perth-based education services provider Navitas, has entered into an agreement to acquire 100 per cent of California-based creative media school Ex’pression College for US$13 million.

Perth-based City Farmers has been sold for $205 million, just nine months after managing director Clayton Hollingsworth struck a deal for Quadrant Private Equity to pay $93 million for a major stake in the pet care retailer.

Gold producer Alkane Resources has raised $10.4 million through a placement of 40 million shares to institutional and sophisticated investors.

Tiger Resources has raised $20 million via a share placement earmarked for the expansion of its Kipoi copper mine in the Democratic Republic of the Congo.

In the latest twist for takeover target Aquila Resources, suitor Baosteel said it would not increase its $1.4 billion offer for the iron ore developer and that it would reconsider its 20 per cent shareholding in the company if the bid was unsuccessful.

Metals X has been forced to increase the price it is paying for Reed Resources' Meekatharra gold project to $9.9 million after administrators announced a surprise competing bid had been lodged just before a creditors meeting on Thursday.

Nexus Energy appears headed for voluntary administration after shareholders almost certainly rejected a takeover by Kerry Stokes's Seven Group Holdings.

ASX-listed law firm Shine Corporate has expanded its presence in Western Australia with the acquisition of a local personal injury litigator.

Mineral Resources announced today that it plans to use its 12 per cent stake in Aquila Resources to push for a role building and operating the proposed $7 billion West Pilbara iron ore project.

US-listed geospatial technology giant Trimble has acquired Perth-based information-management firm Mining Information Systems.

Kresta Holdings’ major shareholder, China-based Aplus, has outlined plans to acquire the Malaga-based company just six months after buying a large interest in the group.

Perth-based company Cauldron Energy has secured $11 million in funding through share placement agreements with Chinese investors.

Amid an ongoing capital drought, exploration companies are reinventing themselves in order to survive.

At the close of business last Friday, Nexus Energy received about 705 million proxy votes against Seven Group Holdings’ scheme to acquire the company.

May was a stagnant month for the Deloitte WA index with the market capitalisation of Western Australia listed companies increasing by only 0.3 per cent to close the month at $153.6 billion.

Amcom Telecommunications says it is on the hunt for new growth opportunities after raising $40 million through a share placement.

Aquila Resources will respond to a $1.4 billion joint takeover bid from listed railway operator Aurizon and Chinese steel giant Baosteel within the next two weeks following the dispatch of a bidders' statement today.

Accounting firm Crowe Horwath has entered into exclusive takeover talks with a partnership between wealth management group Financial Index Wealth Accountants and private equity firm KKR Asset Management, snubbing rival bidder Anchorage Capital Partners.

Red Gum Resources and White Star Resources are the latest exploration companies to shift focus away from the resources sector, signing deals to move into geospatial imagery and internet travel bookings respectively.

Perth company director Ian Middlemas has presided over another lucrative takeover deal, after the board of Africa-focused Papillon Resources agreed to a $615 million all-scrip takeover by Canadian major B2Gold.

Perth-based stockbroker Euroz has appointed former MLC chief executive Steve Tucker to head up a new funds management subsidiary as the company eyes opportunities in the listed investment company sector.

Origin Energy says it had to act after agreeing to fork out up to $US800 million ($A865.57 million) for a stake in a new gas project off the Western Australian coast.

Rare earths miner Lynas Corporation has raised about $40 million minus costs through a heavily discounted share purchase plan and placement.

Chinese steel giant Baosteel and listed railway operator Aurizon have cleared a key hurdle in their $1.4 billion joint takeover bid for Perth-based Aquila Resources, with the Foreign Investment Review Board giving the green light to the proposed deal.

Perth web development agency Blake Media Group has acquired local graphic design business Moondust Design for an undisclosed amount.

Tangiers Petroleum has completed its second capital raising for the month after receiving "strong, unsolicited demand" from major investors.

The Gina Rinehart-backed Sun Resources has purchased a stake in oil and gas leases in the prospective Eagle Ford and Austin Chalk shale formations in the American state of Texas.

Private equity group Pacific Equity Partners has launched a $1.1 billion takeover bid for information services group SAI Global.