Rio Tinto Ltd has waived the minimum acceptance condition of its 4 billion U.S. dollars takeover offer for coal miner Riversdale Mining, the global miner said on Tuesday.
Rio Tinto Energy chief executive Doug Ritchie said in a later statement on Tuesday that Riversdale's shareholders had demonstrated great support for the offer to date.
"Now that the offer is unconditional, I would encourage those shareholders who have not yet accepted to do so as soon as possible to maximize the prospect of all shareholders receiving the increased offer price of 16.50 AU dollars (16.94 U.S. dollars) per share."
"Rio Tinto will increase the bid price from 16 AU dollars (16. 42 U.S. dollars) per share currently to 16.50 AU dollars (16.94 U. S. dollars) per share if it amasses an interest in the target of more than 47 percent by close of business on April 6," Rio said in the statement.
Rio Tinto currently holds a 41.04 percent interest in Riversdale, while India's Tata Steel and Brazilian steelmaker CSN recently increased their stakes in Riversdale to a combined 47 percent.
Ritchie said Rio Tinto looked forward to moving quickly in developing Riversdale's projects.
Rio Tinto Energy chief executive Doug Ritchie said in a later statement on Tuesday that Riversdale's shareholders had demonstrated great support for the offer to date.
"Now that the offer is unconditional, I would encourage those shareholders who have not yet accepted to do so as soon as possible to maximize the prospect of all shareholders receiving the increased offer price of 16.50 AU dollars (16.94 U.S. dollars) per share."
"Rio Tinto will increase the bid price from 16 AU dollars (16. 42 U.S. dollars) per share currently to 16.50 AU dollars (16.94 U. S. dollars) per share if it amasses an interest in the target of more than 47 percent by close of business on April 6," Rio said in the statement.
Rio Tinto currently holds a 41.04 percent interest in Riversdale, while India's Tata Steel and Brazilian steelmaker CSN recently increased their stakes in Riversdale to a combined 47 percent.
Ritchie said Rio Tinto looked forward to moving quickly in developing Riversdale's projects.
