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Aquila Resources Limited (ASX:AQA) has received a bidder’s statement from Chinese steel giant Baosteel and Aurizon Holdings Limited (ASX:AZJ).
The release is part of a takeover bid by the two-companies, for the coal and iron ore explorer, that is estimated to be worth $1.4 billion.
Baosteel has a representative on the Aquila board so an independent board sub-committee, excluding the Baosteel members, has been established to consider the offer.
The offer period may be extended pending approval from the Foreign Investment Review Board.
Aquila Resources reported a net loss of $590,000 in the first half of the 2014 financial year.
