Late Polaris bid puts Heron out of pocket
Heron Resources has defended a decision that has excluded it from potentially pocketing more than $20 million from a cash takeover offer for Western Australian iron ore explorer Polaris Metals.
As foreshadowed in The Australian Financial Review, Malaysian steelmaker Lion Diversified Holdings Berhad yesterday joined the battle for control of the company, lodging a takeover offer of 60¢ a share to compete with Mineral Resources' one-for-12.5 scrip offer, which opened on September 24.
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