Lion-Asia Resources’ last week announced its 70 cents per share all-cash takeover offer for Polaris Metals was exempt from Foreign Investment Review Board (FIRB) assessment.
The ruling removes a key condition to the bid, which has been deemed a “superior offer” to Mineral Resources’ rival bid by the Polaris board.
“Lion welcomes this ruling by the FIRB and the opportunity it provides for Polaris shareholders to focus on the outstanding value represented by our cash offer,” the company’s group chairman Tan Sri William Cheng said.
“I am confident that Polaris shareholders will recognise the compelling nature of Lion’s cash bid and this will be reinforced in the bidder’s statement that will be issued in the near future.
“Our revised offer for Polaris provides shareholders with an excellent opportunity to realise value from their investment and properly rewards them for a change in control.”
Mineral Resources extended the period of its share and option offer on Friday to 25 November.
The company is offering one share for every 12 Polaris shares as well as a cash component of five cents per Polaris share.
As of Friday, Minerals Resources had acquired 31.72% of Polaris’ ordinary shares 27.87% of its options.