egolinews.com

Mineral Resources Limited (MIN) has increased its offer for West Australian based iron ore explorer Polaris Metals NL (POL). The new offer would sees Mineral Resources offer one MIN share for 10 Polaris shares and 5c cash for every one Polaris share.

The increased offer values each Polaris share at around 74.7c.

Mineral Resources said the offer was also unconditional and represents a 147% premium to the 14 August 2009 closing price of 30c – the day before the offer was first made.

”The increased share offer also represents a substantial premium to the trading prices of Polaris Shares across a wide range of other time periods prior to the announcement date,” the company said.

Polaris shares are currently halted at 71.5c per share, while Mineral Resources shares are halted at $6.97.

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