Rio Tinto extends Riversdale offer 3 trading days

RNS Number : 2735D

Rio Tinto PLC

20 March 2011

 



Rio Tinto extends Riversdale offer by three trading days

21 March 2011

·       Offer Price increase to $16.50 if Rio Tinto obtains more than 50 per cent interest extended by three trading days to 28 March 2011

·       Offer Period extended by three trading days to 6 April 2011

Rio Tinto Jersey Holdings 2010 Limited (RTJ), a wholly-owned subsidiary of the Rio Tinto Group, has extended its Offer for Riversdale Mining Limited (Riversdale).

Following discussions with market participants, RTJ will:

·             Extend the $16.50 Offer Price increase by three trading days to 28 March 2011, if RTJ obtains an interest in more than 50 per cent of Riversdale shares, including institutional acceptances lodged under RTJ's Institutional Acceptance Facility (IAF) by 7.00pm (Sydney time) on that date; and

·             Extend the Offer Period for its takeover bid for Riversdale by three trading days until 7.00pm (Sydney time) on Wednesday 6 April 2011, unless extended.

RTJ understands the additional time would allow some market participants to finalise the unwinding of equity swaps and to settle trades that have occurred on the Australian Securities Exchange (ASX) before they can accept into the Offer or the IAF.

Since RTJ announced on 10 March 2011 the conditional Offer Price increase to $16.50, there has been a substantial increase in both the number of Riversdale shares covered by institutional acceptances lodged with the IAF, as well as additional direct acceptances of the Offer. The total of the Riversdale shares in which RTJ has a relevant interest, plus shares subject to IAF instructions, was 34.94 per cent of the Riversdale shares on issue as at 9.00am (Sydney time) today.

The Handling Fee described in RTJ's Third Supplementary Bidder's Statement will apply throughout the extended Offer Period.  RTJ may extend the period during which the Handing Fee will apply by further announcement released to ASX. 

Terms defined in RTJ's Bidder's Statement for the Bid have the same meaning in this announcement.

The Offer Period for RTJ's Bid for Riversdale will close on 6 April 2011, unless extended.

About Rio Tinto

Rio Tinto is a leading international mining group headquartered in the UK, combining Rio Tinto plc, a London and NYSE listed company, and Rio Tinto Limited, which is listed on the Australian Securities Exchange.

Rio Tinto's business is finding, mining, and processing mineral resources. Major products are aluminium, copper, diamonds, energy (coal and uranium), gold, industrial minerals (borax, titanium dioxide, salt, talc) and iron ore. Activities span the world but are strongly represented in Australia and North America with significant businesses in South America, Asia, Europe and southern Africa.

For further information, please contact:

Media Relations, EMEA / Americas Illtud Harri Office: [phone] Mobile: [phone] Tony Shaffer Office:  [phone] Mobile: [phone] Christina Mills Office:  [phone] Mobile: [phone]	Investor Relations, London Mark Shannon Office:  [phone] Mobile: [phone] David Ovington Office:  [phone] Mobile: [phone]
Media Relations, Australia / Asia David Luff Office:  [phone] Mobile: [phone] Karen Halbert Office: [phone] Mobile: [phone] Bruce Tobin Office: [phone] Mobile: [phone]	Investor Relations, Australia Dave Skinner Office:  [phone] Mobile: [phone] Simon Ellinor Office:  [phone] Mobile: [phone] Christopher Maitland Office: [phone] Mobile: [phone]
Media Relations, Canada Bryan Tucker Office: [phone] Mobile: [phone]	Investor Relations, North America Jason Combes Office:  [phone] Mobile: [phone]

Website:	www.riotinto.com
Email:	[e-mail] [e-mail]
Twitter:	Follow @riotinto on Twitter

High resolution photographs and media pack available at: www.riotinto.com/media 

 

END

 

 

STRPGUAGWUPGPWU