Aquila Resources (AQA) co-founder Charles Bass says he intends to accept a $3.40 per share takeover offer from Aurizon Holdings and China's Baosteel, in the absence of a superior offer.
Mr Bass holds a relevant interest in approximately 10.7% of Aquila's shares and expects to complete his acceptance by the end of the first week of July but reserves the right to revisit this.
Aquila chairman Tony Poli, who has an interest in approximately 28.92 per cent of the target's shares, has also said he intends to accept the offer.
When Mr Bass and Mr Poli accept the offer, the suitors will hold a relevant interest of over 50%, fulfilling the minimum acceptance condition of the bid.
The suitors earlier said they would not sweeten their bid after Mineral Resources took a 13% stake in the target. Mineral Resources later said it had terminated discussions about a rival takeover bid.