
Fortescue swoops up Red Hawk
Fortescue (ASX: FMG) will acquire Red Hawk Mining (ASX: RHK) by way of a $254m off-market takeover bid. Red Hawk is the owner of the Blacksmith Project, an undeveloped iron ore project located in WA, 30km west of Fortescue’s Solomon operations in the Western Hub. The total Blacksmith mineral resource estimate is 243mt at 59.3% iron. The offer price represents an attractive premium of 29% to Red Hawk’s 30-day volume weighted average price (VWAP). The cash consideration under the offer delivers immediate worth to Red Hawk shareholders and provides certainty, noting the significant risks to the development of greenfield iron ore projects. The Red Hawk board unanimously recommends shareholders accept the offer at both the base offer price and, if…









