DMC Mining (ASX:DMM) Received Sweetened Bid from Cape Lambert (ASX:CFE)

Sydney, May 11, 2010 AEST (ABN Newswire) - Takeover target DMC Mining Limited (ASX:DMM) on Monday received a sweetened offer from Cape Lambert Resources Limited (ASX:CFE) at the same level as the bid by China's Meijin Energy Group.

Cape Lambert has increased its offer to acquire all of the issued fully paid ordinary shares in DMC to A$0.5 cash a share, up from Cape Lambert's prior bid of A$0.46 per share. Cape Lambert also announced the offer is now unconditional.

Cape Lambert's move came after DMC said it had received notice from Meijin that the preconditions related to it making an all-cash, off-market offer for all the shares in the company have now been satisfied. Meijin confirmed that it is satisfied with its due diligence on DMC and intends to an offer for all of the shares at DMC at A$0.5 per share.

DMC says several parties are taking due diligence with respect to potentially furnishing alternative proposals to rival the Cape Lambert offer and the proposed Meijin offer.

Cape Lambert also extends its offer to 5pm on June 25. The company now has a relevant interest of 35.44 per cent in DMC.

Contact

Michelle Liang Asia Business News Asia Bureau Tel: +61-2-9247-4344 Email: michelle.liang@abnnewswire.net