Fortescue acquires over 90% of Red Hawk Mining

SYDNEY: Fortescue Ltd. (ASX: FMG) has acquired more than 90% of Red Hawk Mining Limited (ASX: RHK), paving the way for a compulsory acquisition of the remaining shares, Red Hawk announced on Wednesday.

Through its wholly owned subsidiary, FMG Pilbara Pty Ltd., Fortescue has secured 90.09% of Red Hawk’s shares. The company issued a compulsory acquisition notice on Feb. 18, 2025, under the Corporations Act 2001 (Cth).

The Australian Securities Exchange (ASX) will suspend trading of Red Hawk’s shares five business days after the notice, effective Feb. 25, 2025. Red Hawk will subsequently be delisted from the ASX on a date to be determined.

Red Hawk shareholders who have not yet accepted Fortescue’s offer of $1.20 per share can do so until 7:00 p.m. (AEDT) on March 3, 2025, unless the offer is extended or withdrawn. Shareholders who accept the offer by the deadline will receive payment sooner than those who wait for the compulsory acquisition process to conclude.

If shareholders do not accept the offer by the deadline, Fortescue will pay Red Hawk for the shares it acquires compulsorily. Shareholders will then be entitled to claim the consideration from Red Hawk.

Red Hawk Mining Limited is based in Perth, Australia, and specializes in mineral exploration and development.