Hancock Prospecting will run a comb through Atlas

Billionaire Gina Rinehart's Hancock Prospecting will conduct a strategic review of Atlas Iron that will include its port arrangements if it successfully acquires the miner, a new bidders statement released on Friday has revealed.

The new bidders statement vaguely outlines why Redstone Corporation, a wholly-owned subsidiary of Hancock Prospecting, wants to acquire Atlas at 4.2¢ a share, or $390 million.

Atlas Iron is the hottest property in iron ore.Credit: Michele Mossop

It said the strategic review would consider the viability of the Atlas business and operations
on a standalone basis, "including the current Mt Webber mining operations and its
logistics (trucking and port) arrangements."

The sale of Atlas has boiled down to Hancock and Andrew Forrest's Fortescue Metals Group - both recently acquired 19.9 per cent stakes in the company.

It was speculated Atlas' port interests in the Port of Port Hedland was one of the biggest attractions, which was seemingly confirmed by Fortescue when they released a statement wanting clarification on Atlas' rights to develop two new berths at the Utah Point area of the port.

Hancock's statement said the current Utah Point port arrangements, including the term and volume of Atlas’ rights with respect to throughput using that berth, will also be considered in the strategic review.

The Atlas Iron board voted to recommend shareholders accept Hancock's offer.

The new bidders statement also comes after Fortescue applied to the federal takeover's panel to look at Hancock's initial bidders statement, alleging it contained "misleading statements and material omissions".