Meijin ups offer for Rocklands Richfield

Coke producer and coal explorer Rocklands Richfield Ltd says it has received a
second takeover proposal from China's Meijin Energy Group.
The new offer is the latest move by Meijin in its battle with India's Jindal Steel
and Power Ltd for control of Rocklands Richfield.
Rocklands Richfield said on Tuesday it had received an unsolicited letter from
Meijin with an offer to acquire Rocklands Richfield at 56 cents per share, valuing
the company at $197 million.
This was up from Meijin's offer on November 2 of 52 cents per share.
Rocklands Richfield shares soared on the news, closing up 8.5 cents, or 25.76 per
cent, at 41.5 cents.
Jindal Steel has until 2230 AEDT on Wednesday, December 30, to respond to Meijin's
offer.
"Shareholders should note that, at this stage, neither the Jindal proposal nor the
Meijin proposal are formal offers capable of being submitted to shareholders for
their consideration," Rocklands Richfield said in a statement on Tuesday.
Rocklands Richfield said the offers "may or may not develop into formal proposals".
Any takeover would also require Foreign Investment Review Board (FIRB) approval.
China and India are hungry for coal amid growing steel production and demand for
energy.
On September 23, Jindal set its takeover offer at 42 cents per share but lifted its
bid to 50 cents a share on November 6 before matching Meijin's initial offer of 52
cents a share on November 9.