July 2, 2018 / 12:42 AM / 9 months ago

Australia's takeover panel declines action over Atlas Iron bid

(Reuters) - The Australian Takeovers Panels said on Monday it would not conduct proceedings against Atlas Iron after a unit of iron ore miner Fortescue, NCZ Investments, sought interim orders to restrain billionaire Gina Rinehart-controlled Redstone Corp from dispatching its bidder’s statement.

“Following discussions with the Panel and ASIC, Redstone has agreed to incorporate disclosures from its supplementary bidder’s statement in a replacement bidder’s statement,” the regulator said in a statement.

Atlas Iron is currently the subject of an unconditional A$390 million ($289 million) takeover bid by Redstone Corp Pty Ltd for the shares which it does not already have an interest in.

Reporting By Rushil Dutta in Bengaluru; editing by Richard Pullin

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