Aquila Resources will fall under the control of Baosteel and Aurizon after directors of the company agreed to resign and Mineral Resources agreed to sell its stake into the joint offer.
The existing directors, having agreed to sell their respective stakes into the joint $3.40 a share offer, have resolved to resign from the board and appoint four of the bidders’ nominees.
Mineral Resources has also agreed to sell its 12.78 per cent stake in Aquila into the joint Baosteel/Aurizon offer after failing to secure a merger deal with Aquila last month.
“The MinRes board last night resolved to unconditionally accept the offer today and congratulates Baosteel and Aurizon on achieving control of Aquila,” MinRes said in a statement.
The move could see the full acquisition of Aquila wrapped up before the end of the month.
Aquila shares closed up two cents at the bid price of $3.40 while MinRes shares were up 37 cents, or 3.91 per cent, at $9.84 at the close.