Australia's Iron Ore Holdings up 47 pct on takeover offer

SYDNEY Sun Aug 10, 2014 9:13pm EDT

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SYDNEY Aug 11 (Reuters) - Shares in Australia's Iron Ore Holdings rose 47 percent on Monday to A$1.40 after larger rival BC Iron launched a friendly takeover bid at a hefty premium.

BC Iron said it would offer 0.44 share and A$0.10 in cash per IOH share, valuing Iron Ore Holdings at A$1.59 - a 79 percent premium to IOH's share price over the past 60 days.

BCI dipped 1.2 percent to A$3.27. (Reporting by James Regan; Editing by Paul Tait)