Gina Rinehart’s Hancock Prospecting has added $37 million to its bid for small-cap iron ore miner Atlas Iron Limited (ASX: AGO) to prop up the original $390 million offer.
Hancock’s subsidiary, Redstone Corporation, has increased its price for Atlas Iron shares from 4.2c per share to 4.6c per share on the condition it holds an 87% stake in the company by offer close – upping its prospective stake from 77%.
Atlas has been in the takeover spotlight for months since Mineral Resources Limited (ASX: MIN) announced plans to gobble it up back in April for $280 million.
Hancock quickly outbid Mineral Resources at $390 million, which Atlas recommended shareholders accept, but Fortescue Metals Group Limited (ASX: FMG) entered the tussle in June on the grounds it had interests in the future of Port Hedland infrastructure owned by Atlas – reducing its stake in Atlas from almost 20% to just over 11% by August.
Atlas shares are up 2.3% to 0.4c per share at the time of writing.
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Motley Fool contributor Carin Pickworth has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.