LION-ASIA Resources is pushing to make its $123 million cash bid for West Australian iron ore explorer Polaris declared unconditional before Mineral Resources' opposing mostly scrip bid closes on Wednesday.
Lion has applied to the Australian Securities and Investments Commission for relief to waive a 50.1 per cent minimum acceptance condition in its bid.
It is expecting to receive ASIC's decision today and most observers are expecting the relief to be granted, enabling Polaris shareholders a more certain choice between the two bids.
Lion is offering 70c a share and mining contractor Mineral Resources is offering 5c cash and one-10th of one of its shares for every Polaris share in a bid valued at 76.3c based on Friday's closing share price.
Polaris has recommended the Mineral Resources bid and Heron Resources has agreed already to sell its 19.9 per cent stake in Polaris into that bid. If ASIC waives the 50.1 per cent minimum, both bids will be unconditional.
Through acceptances, Mineral Resources recently owned 31.7 per cent of Polaris, and Lion is sitting on 25.4 per cent of the company.
Lion said if relief was granted it would immediately declare the bid unconditional.
