Small cap iron ore producer Atlas Iron Limited (ASX: AGO) has been in the takeover spotlight of late after Gina Rinehart's Hancock Prospecting made a bid to acquire the $432 million market cap company.
Redstone Corporation Ltd – a wholly-owned subsidiary of Hancock Prospecting – obtained 90% voting power in Atlas on October 12 with the intention to initiate the compulsory acquisition of all remaining Atlas shares.
Atlas today released its September 2018 quarterly activities report with $51 million cash on hand at September 30, down from $57 million at June 30 – impacted mainly by lithium shipment timings and transaction costs of the Hancock takeover.
Atlas was a takeover target for some time before the successful Hancock deal, with Mineral Resources Limited (ASX: MIN) offering a $280 million acquisition price in April.
Fortescue Metals Group Limited (ASX: FMG) was part of the takeover tussle briefly back in June but later reduced its stake in Atlas down to 11% from close to 20%.
