Re­gent aban­dons bid

Townsville Bulletin - - Investor -

BC Iron Ltd says it is per­plexed by Re­gent Pa­cific’s ter­mi­na­tion of a $ 300 mil­lion plus friendly takeover of the ju­nior iron ore miner due to op­po­si­tion from the tar­get’s big­gest share­holder.

Ukrainian-owned man­ganese and chromite miner Con­sol­i­dated Min­er­als Ltd, which has a 21.1 per cent stake in BC Iron, was ‘‘ flatly op­posed’’ to the trans­ac­tion, Re­gent Pa­cific said yes­ter­day.

BC Iron said it was re­serv­ing its po­si­tion and would con­sider the mat­ter fur­ther.

The Perth-based com­pany last month re­jected a re­port it was against the takeover.

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