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Midwest says has A$1.5 bln bid from Murchison

Sun May 25, 2008 11:12pm EDT

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SYDNEY, May 26 (Reuters) - Midwest Corp Ltd MIS.AX, a west Australian iron ore prospector, said on Monday it had received a takeover offer from Murchison Metals Ltd (MMX.AX), valuing Midwest at about A$1.5 billion ($1.47 billion).

Midwest said the offer was 0.575 Midwest shares for every Murchison share, with an implied value of A$7.17 per Midwest share.

Midwest's board unanimously recommended the bid on an initial assessment.

For background see: [nSYD304540]. ($1=A$1.04) (Reporting by James Thornhill)



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