The new bid price is still some way below the $2.04-$2.52 per share Mineral Deposits' "independent" expert Grant Samuel calculated, though Eramet said it would not increase the offer further "in the absence of any alternative or competing proposal".

Eramet was forced to up its bid after a mere 20,895 shares were sold into the bid in the initial weeks after the takeover was announced at the end of April.

Eramet and Mineral Deposits are 50:50 partners in an integrated mineral sands venture featuring operations in Senegal and Norway.

Mineral Deposits shares have traded above the offer price since the initial bid.

Shares in Mineral Deposits closed down 4.5% at A$1.70 per share Wednesday.