US firm reaches 90% of Portman
You have no credits left. To view this article subscribe to Business News.
You have used {{points}} and have {{current_points}} remaining. Your credits will reset on {{reset_date}}.
This article is part of a special report and is available to paid Business News subscribers only.
You can purchase access to this special report or subscribe to Business News.
You can purchase access to this special report or subscribe to Business News.
This article is premium content and is available to paid Business News subscribers only.
Subscribe to Business News.
Subscribe to Business News.
Wednesday, 15 October, 2008 - 13:08
United States company Cleveland Cliffs will move to acquire the remaining shares in iron ore miner Portman Ltd after passing the 90 per cent threshold in its all-cash takeover bid.
Portman said Cleveland's voting power had reached 90.12 per cent, up from the previous stake of 89.8 per cent.
Cleveland is offering $21.50 cash for each Portman share with the offer scheduled ot close on November 3.
In 2005, Cleveland launched its initial takeover of Portman, offering $3.40 cash for each share before increasing the bid to $3.85, however fell short of the 90 per cent mark to compulsorily acquire the company.
Cleveland then upped its stake in Portman from 80.39 per cent to 85.19 per cent in June this year.
Companies: