[miningmx.com] — AUSTRALIAN iron ore group Territory Resources recommended a A$132.6m takeover offer from Noble Group, which trumped an earlier offer from South Africa’s Exxaro.
Territory’s board said Noble’s offer was better than Exxaro’s because it was 9% higher, unconditional and with faster payment terms, while Exxaro’s had a 60% minimum acceptance condition.
Hong Kong-based Noble already owns 30% of Territory.
Territory’s shares last traded at A$0.52, against Noble’s offer of A$0.50 a share and Exxaro’s offer of A$0.46 a share.
Territory said it would pay Exxaro a break fee of A$1.56m for backing the rival bid.
