Fortescue Secures 90% Stake in Red Hawk Mining, Moves to Full Acquisition
ASX-listed Fortescue has acquired a 90.09% stake in Red Hawk Mining through its wholly owned subsidiary, FMG Pilbara, triggering a compulsory acquisition process for the remaining shares.
In a market notice issued on Tuesday, Fortescue confirmed that it had initiated compulsory acquisition proceedings for the remaining Red Hawk shares. As a result, the ASX will suspend Red Hawk’s shares on February 25, with delisting to follow at a later date.
Red Hawk shareholders who have not yet accepted Fortescue’s A$1.20-per-share offer still have time to do so before the offer closes at 7:00 PM (AEDT) on March 3, unless it is extended or withdrawn.
The Red Hawk board continues to recommend that shareholders accept Fortescue’s offer.
