Sin-Tang, Xstrata continue Sphere battle

Total acceptances for Xstrata's takeover offer for Sphere Minerals have reached 46.55 per cent, as rival suitor Sin-Tang Development also claimed a win today.

Sphere's major shareholder Genesis Investment Management which holds 7.98 per cent of Sphere has agreed to sell to Xstrata at the offer price of $3 a share.

A spokesperson for Sphere said, "Acceptances were now more than 46.5 per cent based on current acceptances, the institutional acceptance facility and instruction to custodians to enter the IAF."

Meanwhile, Sin-Tang has announced it has received approval from the Foreign Investment Review Board to acquire up to 19.9 per cent of Sphere.

FIRB also approved the acquisition of a further 3 per cent subject to the creep provisions of the Corporations Act.

Sin-Tang currently holds 13.5 per cent of Sphere Minerals.

Sphere has advised its shareholders to sell into Xstrata's $514 million friendly takeover.

The company has described the rival Sin-Tang proposal as conditional and inferior to Xstrata's cash offer.