US firm speeds up Portman takeover
You can purchase access to this special report or subscribe to Business News.
Subscribe to Business News.
United States company Cleveland Cliffs is looking to wrap up its takeover of iron ore miner Portman Ltd quickly, announcing today it will make on-market purchases at a possible discount to its $21.50 cash offer.
The company has already gained a 94.86 per cent interest in Portman, with the offer due to close on November 3.
In a statement, Cleveland said it may buy Portman shares however it will not pay more than its takeover price of $21.50 per share
A spokesperson for Cleveland told WA Business News that the company was offering the opportunity for Portman shareholders to receive cash for their shares in a matter of days, rather than having to wait months through the normal route of compulsory acquisition.
Shares in Portman closed up 12 cents to $21.40 today.