Mineral Resources Limited (ASX:MRL) has won the takeover battle for Polaris Metals (ASX:POL), after acquiring a 51.3% stake in the company.
Mineral Resources paid $1.00 cash, plus one MRL share, for every 10 Polaris shares to acquire the stake in an off-market takeover.
A competing offer from Lion-Asia can now not proceed, as was conditional on receiving majority shareholder acceptance, Polaris announced. And Mineral Resources has already indicated it does not plan to accept the offer.
The unconditional offer will now be open to shareholders until close of business on December 16, Mineral Resources said.
Join the CIO Australia group on LinkedIn. The group is open to CIOs, IT Directors, COOs, CTOs and senior IT managers.