Atlas Iron Ltd (ASX:AGO) is closing in on its takeover target, Giralia Resources NL (ASX:GIR), boosting its interest in the iron ore explorer to 47.37 per cent.
The stake gives Atlas almost effective control of Giralia, who's board recommended Atlas' friendly takeover in December last year.
Atlas' off-market offer will see Giralia shareholders receive either 1.33 Atlas shares and 50 cents cash per Giralia share or, 1.5 Atlas shares per Giralia share.
Altas says it plans to double its Pilbara landholdings following the takeover of Giralia.
In fiscal 2010 Atlas Iron posted a net loss of $40.85 million.
AGO Price at posting:
$3.85 Sentiment: None Disclosure: Held
