Cape Lambert has raised its offer in a third attempt to take over DMC Mining after it received a second proposal from China’s Meijin Energy Group.
The company increased its offer to $0.43 a share, which values DMC Mining at A$46m ($38.2m).
Meijin Energy Group offered the same price in what is becoming a takeover race for the West African iron ore explorer.
Cape Lambert initially offered A$40m ($33.2m) before increasing its offer last month to A$.50 a share ($.41), or A$43.3m ($35.7m).
Meijin also increased its offer from 41 cents a share to 43 cents a share.
DMC Mining’s key asset is an 80% interest in the Mayoko iron ore project in the Republic of Congo, which has an exploration target of 0.9 billion – 1.3 billion mt.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
Cape Lambert holds a 35.45% interest in DMC Mining.