29/09/2009 - 09:44

Polaris Metals denies rival takeover bid

29/09/2009 - 09:44

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West Perth-based Polaris Metals has confirmed it has held talks with its largest shareholder but has not received or is aware of any takeover proposal that may be launched.

Polaris Metals denies rival takeover bid

West Perth-based Polaris Metals has confirmed it has held talks with its largest shareholder but has not received or is aware of any takeover proposal that may be launched.

Polaris' statement follows speculation in The Australian Financial Review today that Lion Diversified Holdings Berhad may be launching a rival takeover bid to Mineral Resources by the end of this week.

"Representatives of Polaris have had discussions with representatives of Lion on a number of occasions since the announcement of the recommended offer by Minerals Resources," Polaris said in a statement today.

"However, Polaris has not received, nor is aware, of any proposal in relation to any takeover offer by Lion."

The Polaris board reiterated its unanimous recommendation for the Mineral Resources of one of its shares for every 12.5 Polaris shares.

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