Fortescue (ASX:FMG) said it has increased its stake in Red Hawk Mining (ASX:RHK), to over 75% from 66.23% as of Tuesday, according to a Wednesday Australian bourse filing.
Fortescue unit FMG Pilbara has accordingly raised its off-market takeover offer to AU$1.20 per Red Hawk share from AU$1.05 per share, the filing said.
Red Hawk shareholders who have already accepted the offer will also receive the benefit of the increased price, the filing added.
The company said its offer will end on March. 3, unless the offer is withdrawn or extended.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.