Rio Tinto extends Riversdale offer

Rio Tinto says it will extend its offer for shares in Riversdale Mining by three trading days to April 6.

The previously announced offer price increase to $16.50 if Rio obtained more than 50 per cent of Riversdale shares was also extended by three trading days to March 28, Rio said in a statement today.

Rio said the extension came after talks with market participants, who required extra time to "finalise the unwinding of equity swaps and to settle trades that have occurred on the Australian Securities Exchange (ASX) before they can accept into the offer or the Institutional Acceptance Facility (IAF)".

This morning, Rio stock was up 75 cents at $81.25, while Riversdale was 16 cents higher at $15.87.(BusinessDay)