Fortescue (ASX:FMG) acquired a majority stake of 66.23% in Red Hawk Mining (ASX:RHK), according to a Tuesday Australian bourse filing.
Red Hawk's largest shareholder TIO (NZ) accepted an off-market takeover offer at AU$1.05 per share by Fortescue unit FMG Pilbara.
Fortescue said it would waive the only condition to the offer within 14 days of acquiring a stake of at least 50.1% in Red Hawk, after which the offer will be unconditional.
If Fortescue acquires an interest of 75% or more by Tuesday, the offer price will be raised to AU$1.20 per share.
The Red Hawk board continues to recommend that shareholders accept the offer.
Fortescue shares rose almost 2% in early trading on Tuesday.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.