Xstrata Copper announces intention to match competing offer by the Crosby Capital Consortium for Indophil |
23.06.2008
| from Xstrata Coal Marketing AG
23.06.2008, Xstrata Queensland Limited (ABN 69 009 814 019) ("Xstrata") a wholly-owned subsidiary of Xstrata plc (LSE: XTA.L, ZSE: XTA.S), refers to the statement made by it on 20 June that it had chosen not to match the offer by a consortium comprising Crosby Capital Limited, the Alsons Group and Mr Richard Laufmann, CEO and Managing Director of Indophil Resources NL (Indophil) (the "Crosby Capital Consortium") to acquire 100 per cent of Indophil for $1.28 cash per share at this time.
Having now had time to further consider its options with regard to its offer for Indophil, Xstrata wishes to confirm that it now intends to match the offer made by the Crosby Capital Consortium by increasing its offer to $1.28.
In accordance with the pre-bid acceptance agreement between Xstrata and Lion Selection Limited (“Lion Selection”) dated 14 May 2008, if Xstrata matches any competing offer at least 24 hours prior to the commencement of the Lion Selection general meeting, then the Lion Selection directors are required to recommend that Lion shareholders vote in favour of the resolution to approve the sale of that part of Lion's investment in Indophil to Xstrata, pursuant to this pre-bid acceptance agreement.
Deutsche Bank is acting as financial adviser and Allens Arthur Robinson is acting as legal adviser to Xstrata in relation to the Offer."
--- END press release Xstrata Copper announces intention to match competing offer by the Crosby Capital Consortium for Indophil ---
In accordance with the pre-bid acceptance agreement between Xstrata and Lion Selection Limited (“Lion Selection”) dated 14 May 2008, if Xstrata matches any competing offer at least 24 hours prior to the commencement of the Lion Selection general meeting, then the Lion Selection directors are required to recommend that Lion shareholders vote in favour of the resolution to approve the sale of that part of Lion's investment in Indophil to Xstrata, pursuant to this pre-bid acceptance agreement.
Deutsche Bank is acting as financial adviser and Allens Arthur Robinson is acting as legal adviser to Xstrata in relation to the Offer."
--- END press release Xstrata Copper announces intention to match competing offer by the Crosby Capital Consortium for Indophil ---
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