| Chinese bid values Brockman at $930m |
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(November 11, 2010) IRON ore junior Brockman Resources has received a bid from its Chinese shareholder, which values the Pilbara miner at $929.6m. Brockman today advised Hong Kong Stock Exchange-listed Wah Nam International had made an off-market takeover offer for all the shares in the Perth company it does not own. The Chinese group also today launched a bid for Pilbara hopeful FerrAus, which it has a 19.6 per cent interest in. Wah Nam, which owns 22.63 per cent of Brockman, is offering 30 Wah Nam shares for every Brockman share. Wah Nam, a Hong Kong-based mining resources company focused on iron ore and copper in mainland China, is already Brockman's largest shareholder with just under 23 per cent of the company. Based on Wednesday’s closing prices for the companies, Wah Nam's offer values Brockman at $6.50 a share, a 37 per cent premium to Brockman's current price. Brockman has advised shareholders take no action and has engaged UBS and Freehills. Brockman has a market value of about $677m and last traded at $4.74. Wah Nam's offer for FerrAus was for six Wah Nam shares for each FerrAus shares, valued the target at around $1.29 a share. FerrAus last traded at 86c. (Source:theAustralian)
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