Coal Producer Rocklands Richfield (ASX:RCI) said it had a new suitor, with India’s Essar group offering to acquire the company for $0.50 per share.
Essar’s offer is an $0.08 per share improvement over last month’s bid of $0.42 per share lodged by fellow Indian company Jindal Steel and Power.
With Rocklands having issued nearly 1.56 million shares, the takeover offer values the company at around $778,000.
“We are indeed very honoured that two of the largest Indian groups of companies are interested in taking over RCI,” Rocklands chairman Benny Wu said, but added that the board must convene before making a decision.
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