Takeover target Midwest Corporation Ltd has appealed to the Takeovers Panel, seeking a declaration of unacceptable circumstances in relation to the offmarket takeover bid made by Murchison Metals Ltd.
Takeover target Midwest Corporation Ltd has claimed that its suitor, fellow iron ore miner Murchison Metals Ltd, has failed to provide sufficient infomation in the bidders statement, as it urged shareholdfers to take no action on Murchison's offer.
Murchison Metals Ltd says its $1 billion offer for Midwest Corporation Ltd represents good value and there is potential for a re-rating the combined group if it proceeds.
Shares in iron ore explorer Midwest Corporation Ltd have soared by more than 30 per cent after rival Murchison Metals Ltd made a takeover bid worth up to $986.3 million.
The jockeying by four different groups to position themselves as the preferred developer of new rail and port infrastructure in the Mid West has taken a new turn, with Murchison Metals Ltd linking with Babcock & Brown Ltd subsidiary WestNet Rail.
Rival iron ore miners in the Mid West region have formed up in two competing camps, with Murchison Metals Ltd today signing a deal with Japan's Mitsubishi Development Pty Ltd to develop mining and infrastructure businesses at a cost of up to $3 billion.
Iron ore miner Murchison Metals is continuing to pursue the development of a new railway line in the Mid West, despite its plans being affected by the relocation of a $2 billion radio telescope project.
SOUTH Korean steel giant Posco Ltd's Australian subsidiary exercised its option to invest a further $5 million in West Perth-based iron ore company Murchison Metals Ltd, increasing its interest to app
Murchison Metals Ltd today announced that strategic shareholder POSCO Australia Pty Ltd had exercised its remaining 10 million options to invest a further $5 million into Murchison Metals.
Murchison Metals Ltd 28-Oct-05 Advises that 63,805,445 fully paid ordinary shares and 21,679,500 options exercisable at $0.20 each on or before 11 November 2009 will be released from escrow on 11 Nove
