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We refer to the joint takeover offer by Baosteel Resources Australia Pty Ltd (ABN 66 154 815 362) (Baosteel) and Aurizon Operations Limited (ABN 47 564 947 264) (Aurizon) (together, theBidders) to acquire 100% of the ordinary shares in Aquila Resources Limited (Aquila) that they do not already own for A$3.40 per share (the Offer).
The Bidders welcome the release of Aquilas Target's Statement. The Target Statement includes the Independent Expert report, which is available at http://www.asx.com.au
Aquilas Independent Directors have unanimously recommended that it is in the best interests of Aquila Shareholders to ACCEPT the Offer (in due course, in the absence of a superior proposal).
The Independent Directors stated the following reasons to ACCEPT the Offer:
1. While the Independent Expert concluded that the Offer is not fair, the Independent Expert also concluded that it is reasonable.
2. The trading price of Aquila Shares is likely to fall if the Offer is unsuccessful and in the absence of a superior proposal.
3. The Bidders are bound by their announced statement that they will not increase the Offer Price or extend the Offer Period (except in certain limited circumstances).
4. No superior proposal has emerged as at the date of the Targets Statement.
For the full ASX announcement, please visit the Aurizon website.
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