Rio Tinto cuts 50pc condition on Riversdale bid
Wednesday, 30 March 2011
MELBOURNE, Mar 29 (Reuters): Global miner Rio Tinto lowered the acceptance condition on its A$3.9 billion ($4 billion) offer for Riversdale Mining Tuesday after entering into talks with Brazil's CSN, a major Riversdale shareholder.
Rio Tinto's offer of A$16.50 a share is now conditional on securing a minimum 47 per cent of Riversdale shares by April 6, compared with 50 per cent previously, the bidder said.
If it fails to reach the new threshold, Rio Tinto will pay Riversdale shareholders only A$16 a share.