The West Australian reported that Atlas Iron Ltd has declared its takeover offer for fellow iron ore miner FerrAus Ltd unconditional.

Confirming it will deliver accelerated payment terms of three business days on receipt of valid acceptance, Atlas says its offer, scheduled to close on October 5, is unanimously recommended by FerrAus board, in the absence of a superior proposal.

Atlas said that as of 5PM yesterday, it had relevant interest in 60.48% of fellow iron ore miner FerrAus.

Mr David Flanagan MD of Atlas said “We are very pleased to have achieved this level of support for our offer from shareholders of FerrAus only two days after the offer has opened.”

(Sourced from AAP & The West Australian)