Afferro Mining: IMIC confirms bid interest, but says no certainty of formal offer
AIM-listed International Mining & Infrastructure Corporation plc (LON:IMIC) this morning confirmed it has made a bid approach for Afferro Mining (LON:AFF).
However, it says any deal will be subject to "satisfactory due diligence and certain other conditions".
In a short statement this morning it also revealed: "IMIC has not yet received a formal response from Afferro to its possible offer. There can be no certainty that any offer will ultimately be made or as to the terms of any such offer."
Today's stock exchange missive follows Afferro's announcement on Monday revealing IMIC as the potential suitor prepared to pay between 115 pence and 140 pence in cash and shares for the group.
The company's main asset is the 2.5bn tonne Nkout iron ore deposit in Cameroon, with the recent preliminary economic assessment underlining its world class potential.
The more than doubling of share price in the past month reflects the speculative interest in a stock and an asset that for most of 2012 stayed firmly below the radar.
Afferro was up again today for a rise of 4% to 105 pence. However, analysts suggest could be worth well in excess of £2, with a base case of £1.25.
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