Gujarat blasts Rey but sweetens takeover bid

摘要

India's Gujarat NRE has continued the tactical battle in its takeover bid for Australian thermal coal developer, Rey Resources, blasting the target company's performance, but also adding a cash alternative and substantially reducing the minimum acceptance level in its offer. Gujarat said the bid, formerly an all-scrip offer, would now contain a cash alternative - at 0.09c Australia dollars (0.08c dollars) a share - and its minimum acceptance condition would be reduced from 90 percent to 50.1 percent.