SINGAPORE Oct 1 Singapore-listed commodities firm Noble Group Ltd said on Monday it is part of a consortium that has made a formal approach to the board of Arrium Ltd to potentially acquire the Australian resources company.
Separately, Arrium said it had rejected the unsolicited and conditional acquisition proposal from Noble, Posco Australia Pty Ltd, National Pension Service of Korea, Korea Investment Corp and Korea Finance Corp.
The proposal contemplated an acquisition of all the shares in Arrium for an indicative cash price of A$0.75 per share, Arrium said, adding its board believes the proposal undervalues Arrium in the context of the transaction.
Noble said "the expression of interest from the consortium is non-binding and incomplete, and the transaction may, depending on how it is finally structured, be subject to conditions, including but not limited to, satisfactory arrangements with lenders with respect to the Arrium's debt profile on a change of control." (Reporting by Eveline Danubrata; Editing by John O'Callaghan)