ASX RELEASE 14 May 2014
Aqui l a Ad vi ses Shar e hol der s to T AK E NO AC TI ON Fol l ow i ng Rel ea se of Bi dd er ' s Stateme nt fr om B aoste el and Aur i zon
Aquila Resources Limited (Aquila) has today received a Bidder's Statement from Baosteel Resources Australia Pty Ltd (Baosteel) and Aurizon Operations Limited (Aurizon) (together "the Bidders") containing the terms of a conditional off-market takeover offer for all of the ordinary shares in Aquila that they (and their associates) do not already own at a price of
$3.40 cash per share (Offer).
A copy of the Bidder's Statement is expected to be sent to Aquila shareholders by the Bidders before the end of May. The Offer will be required to be open for acceptances for at least one month after its dispatch to Aquila shareholders. As such, the Offer will be open for acceptance until at least late June 2014.
Given the Bidders still require FIRB approval, it seems likely that the offer period could be extended.
As Baosteel has a representative on the Aquila Board, as is customary good corporate governance, Aquila has formed an independent Board sub-committee (IBC) comprising the non Baosteel members of the Board to consider the Offer. The IBC will carefully review the Bidder's Statement and respond formally through a Target's Statement in sufficient time for all shareholders to make an informed decision in relation to the current Offer.
To assist the IBC, we have appointed Goldman Sachs as financial advisor and King & Wood Mallesons as legal advisor. We have also appointed an independent expert to report on the Offer in light of Baosteel's pre-existing Board representation.
The Independent Expert's Report and the recommendation of the members of the IBC on whether to accept or reject the offer will be clearly set out in the Target's Statement.
Aquila will continue to keep you informed of further material developments concerning the
Offer as appropriate.
Yours sincerely,
For further information, please contact:
Aquila | Goldman Sachs |
Tony Poli (Executive Chairman and CEO) / Martin Alciaturi (General Manager - Finance and Corporate) Telephone: (08) 9423 0111 Facsimile: (08) 9423 0133 | Peter Watson (Executive Director) Telephone: (08) 9218 1000 Facsimile: (08) 9218 1010 |
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