Hancock Prospecting made a $600m bid for Riversdale Resources.

Hancock Prospecting, a leading Australian owned mining and agricultural business, made a $600m bid for Riversdale Resources, an Australian coal development company. Hancock had offered a price of $2.20 per share, which would offer a 47% premium to the weighted average subscription price of $1.70 under which Hancock acquired its current shareholdings in August and September 2018 and would mean a 43% premium to the $1.75 maximum subscription price for any new share issued by Riversdale during the last 12 months. Given Riversdale was unlisted, Hancock’s offer provided all Riversdale’s shareholders a rare opportunity to sell their shares at a compelling cash price.