Hancock Makes Bid for Riversdale
Hancock Prospecting chairman Gina Rinehart has her sights set on Riversdale’s Canadian assets. Image: Hancock Prospecting. BY EMMA DAVIES GINA Rinehart’s Hancock Corporation has announced an all-cash offer to acquire all of the ordinary shares in Riversdale Resources, in which Hancock does not already have a relevant interest. Riversdale is an Australian coal development company with assets in the Crowsnest Pass Complex in Alberta, Canada, including the Grassy Mountain project. Hancock had offered a price of $2.20 per share and would increase the offer price to $2.50 per share (totalling a bid of almost $600 million) if Hancock’s shareholding in Riversdale reached more than 50 per cent on a diluted basis before the close of the offer. This would...