Cape Lambert matches rival DMC offer
- Publishing Date
- 23 Apr 2010 1:10pm GMT
- Author
- Mining Journal
Cape Lambert Resources has raised its offer for DMC Mining Ltd following last week’s rival bid from an unnamed company.
The ASX-listed company, chaired by Tony Sage, has matched the offer from its takeover competitor by lifting its previous bid from A$0.40/share to A$0.46/share. The original offer was made on March 23.
Mr Sage said last week that he believed the rival bid had come from a Chinese company. However, DMC said the offer from this company remains non-binding and incomplete.
Cape Lambert, which already holds a 36.3% stake in DMC through subsidiary Dempsey Resources, has urged shareholders to accept the offer and said it represents a significant premium to the company’s trading price prior to the announcement.
DMC’s most significant asset is an 80% stake in the Mayoko iron-ore project in the Republic of Congo.
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