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Mineral Resources allows Atlas to review other bids after Fortescue foray

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.