Rio Tinto PLC said Monday it will extend its near-A$4 billion bid for Mozambique coking coal miner Riversdale Mining Ltd. (RIV.AU) by three trading days.
The A$16.50-a-share offer is now conditional on Rio obtaining a more than 50% stake in Riversdale by March 28, although the bid will remain open until April 6.
Rio said the extension would allow some investors to finalize the unwinding of equity swaps, or settle trades made on the Australian Securities Exchange before they can accept the offer.
Rio added it had secured shares and commitments over 34.94% of the voting rights in the Australian coal company, still well short of the more than 50% threshold it needs. (Marketwatch)
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