Fortescue (ASX:FMG) said it has increased its stake in Red Hawk Mining (ASX:RHK), to over 75% from 66.23% as of Tuesday, according to a Wednesday Australian bourse filing.
Fortescue unit FMG Pilbara has accordingly raised its off-market takeover offer to AU$1.20 per Red Hawk share from AU$1.05 per share, the filing said.
Red Hawk shareholders who have already accepted the offer will also receive the benefit of the increased price, the filing added.
The company said its offer will end on March. 3, unless the offer is withdrawn or extended.
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