Mineral Resources Ltd. amended its deal with takeover target Atlas Iron Ltd. to allow the latter to hold talks with other interested parties until June 22, according to a June 8 news release.
The news comes a day after Fortescue Metals Group Ltd. reported amassing a 19.9% stake in Atlas Iron after buying shares equivalent to a 15% additional interest.
Fortescue added that it would not back Mineral Resources' all-share takeover play for Atlas Iron in its current form, while Reuters wrote that Fortescue's stake is sufficient to block a takeover of Atlas Iron.
Under the proposed deal, Atlas Iron shareholders would receive 1 Mineral Resources share for every 571 shares held, implying an offer price of 3.02 Australian cents per Atlas share at the time the deal was announced in April.
