10/03/2009 - 10:12

Iron Mountain makes $2m bid for Terrain

10/03/2009 - 10:12

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Perth-based junior Iron Mountain Mining has proposed an off-market takeover for Terrain Minerals in a deal valued at nearly $2 million.

Perth-based junior Iron Mountain Mining has proposed an off-market takeover for Terrain Minerals in a deal valued at nearly $2 million.

Iron Mountain said it is in the process of compiling the bidder's statement and will lodge it with the relevant authorities shortly.

Terrain shareholders will be offered one Iron Mountain share for every two shares held, with the takeover bid valued at some $1.9 million at current trading prices.

Iron Mountain said it will not make an offer for the Terrain's listed options, with Terrain shareholders to exercise them in order to participate in the offer.

Shares in Terrain were up 0.3 cents to 4c while shares in Iron Mountain were unchanged at 5c at 12:26 AEDT.

 

 

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