Mineral Resources drops Aquila bid

Target says Mineral Resources bid is not superior to Baosteel, Aurizon, recommends the latter.

Mineral Resources (MIN) has dropped its takeover for Aquila Resources, leaving the target's board to recommend the $1.4bn bid by rivals Baosteel and Aurizon to shareholders.

Mineral Resources recently purchased a 12.78% stake in Aquila and subsequently held discussions about an all scrip off-market bid for remaining Aquila shares at a proposed price of $3.75 per share.

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