Riversdale Mining

Rio Tinto cuts 50% condition to try secure Riversdale bid

Global miner Rio Tinto lowered the acceptance condition on its A$3.9 billion ($4 billion) offer for Riversdale Mining on Tuesday after entering into talks with Brazil's CSN , a major Riversdale shareholder.

Rio Tinto faces key week for Riversdale bid

Riversdale Mining Ltd., after a slow take-up of acceptances since the offer was first made in December, according to a report in The Wall Street Journal:

The bid was recently sweetened to almost four billion Australian dollars (US$3.99 billion) and the deadline extended a third time after few additional Riversdale shareholders committed themselves to selling to Rio Tinto.

Institutional support for Rio Tinto offer is growing – Riversdale CEO

Institutional shareholders in Riversdale Mining are moving toward backing global miner Rio Tinto's sweetened A$3.9 billion takeover offer for the Mozambique-focused coal miner, Riversdale's chief executive said on Thursday.

Rio Tinto raised its offer to A$16.50 a share on Thursday in a final bid to woo key shareholders who have held up the deal, and extended the offer for a third time, to April 1.

Riversdale Mining backs increased Rio Tinto takeover offer

Riversdale Mining head Steve Mallyon has backed Rio Tinto's increased offer for the coal company, warning investors there was no hint of a competing bid, The Wall Street Journal reported.

The global giant today said it would increase its offer to $16.50 a share from $16 a share, if it gained more than a 50 per cent interest in the Mozambique-focussed company by March 23.

Rio said it would not increase its offer beyond that point unless there was a competing proposal.