BC Iron

A$254m Recommended Off-market Takeover of Iron Ore Holdings

November 2014

In August 2014, BC Iron announced an agreed off-market takeover offer for Iron Ore Holdings. The consideration offered was 0.44 new BCI shares and A$0.10 in cash for each IOH share held, and based on BC Iron’s share price at the time of announcement, valued IOH at A$254 million.

IOH’s key assets include the newly operational Iron Valley mine (which operates under a mine gate sale agreement with Mineral Resources Limited), the Buckland Hills development project in the West Pilbara and approximately A$50m in cash. Combined, these assets offer a multi-decade growth portfolio for BCI.

The Transaction became unconditional in October.