Fortescue secures over 90% of Red Hawk
ASX-listed Fortescue has acquired a 90.09% stake in Red Hawk Mining through its wholly owned subsidiary FMG Pilbara, triggering a compulsory acquisition process.
In a market notice issued on Tuesday, Fortescue confirmed that it had started compulsory acquisition proceedings for the remaining Red Hawk shares. As a result, the ASX will suspend Red Hawk’s shares on February 25, with delisting to follow at a later date.
Red Hawk shareholders who have not yet accepted Fortescue’s A$1.20-a-share offer may still do so before the offer closes at 7:00 pm (AEDT) on March 3, unless extended or withdrawn.
The Red Hawk board has reiterated its recommendation that shareholders accept Fortescue’s offer.
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