Rocklands Richfield spurns revised offer from JSPL
Tuesday, 10 Nov 2009
Bloomberg reported that Rocklands Richfield said an increased offer from Jindal Steel & Power of India isn't superior to a AUD 154 million bid from China's Meijin Energy Group to acquire the Australian coal explorer.
Rocklands has written to JSPL, inviting it to revise its proposal of 50 Australian cents for each share, by no later than 11:00 AM, New Delhi time today
Meijin last week offered 52 cents a share valuing the company at AUD 194.98 million
JSPL, which owns about 14.2% of Rocklands, increased its bid from 42 cents.
Rocklands controls three metallurgical coal projects in Queensland state and a processing plant at Huaibei in eastern China that produces coal used by steelmakers.
(Sourced from JSPL)
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