The company's withdrawal means all eyes are now on Fortescue, which still has a 19.9%-stake in Atlas and has not yet disclosed whether it plans to launch a rival bid or sell its holding into Hancock’s offer.
Atlas Iron Mining News
The offer from Australian billionaire Gina Rinehart's Hancock Prospecting values Atlas shares at 17% more than price reached at Friday close.
Move comes a day after Fortescue Metals said it had built a stake in Atlas large enough to block a takeover.
Fortescue said it had agreed to buy a 15 percent stake in Atlas at A$0.04 per share, or A$55.7 million.
2017-2018 shipment volume and cost guidance was set last August in 9 million-10 million wet tonnes.
It now owns 8.47% of Atlas Iron, which gives Glencore direct exposure to iron ore production.
Prices for the steel-making material added Monday US$1.28 or 2.17% to US$59.09 a tonne, taking its gain since bottoming on April 2 to 25%.
The miner defended his decision to boost production, which has led to sinking prices and threatens to put some competitors out of business.
The International Monetary Fund and Standard and Poor's, in turn, predict prices for the steelmaking material are set to fall even further.
Atlas Iron is shutting down its operations due to low iron ore prices, the company announced on Friday.
It said the exact amount of the impairment is subject to forecast iron ore prices, exchange rates and market conditions when assessed on December 31.
But with BHP Billiton's announced production boost the port is likely to recover quickly.
More than half country's iron ore shipped via export hub.
800m tonnes going into Asian markets that the big four can't displace says 10m tonne per year Pilbara producer Atlas Iron.