HONG KONG, March 21 (Reuters) - Regent Pacific Group Ltd will stick to its earlier plan to cancel its takeover bid for Australia's BC Iron Ltd and trading of its shares will resume on Tuesday, the company said on Monday.
Regent Pacific, which invests in exploration and mining of natural resources, reiterated that the takeover plan 'has been terminated in accordance with its terms, and it has no intention to withdraw such termination'.
Earlier in the day, Australian iron ore producer BCI said it would challenge Regent's plan to terminate the A$345 million ($343.9 million) takeover offer.
'Accordingly, the company will vigorously defend any application to the (Australian) Takeovers Panel,' Regent Pacific said.
Regent Pacific shares were suspended on Monday. On Friday, the stock ended down 2.7 percent, lagging the broader Hang Seng index. ($1 = 1.003 Australian Dollars)
(Reporting by Lee Chyen Yee; Editing by Chris Lewis)
((chyenyee.lee@thomsonreuters.com; 852 2843-6901; Reuters Messaging: chyenyee.lee.reuters.com@reuters.net)) Keywords: REGENT/ (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2011. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Regent Pacific, which invests in exploration and mining of natural resources, reiterated that the takeover plan 'has been terminated in accordance with its terms, and it has no intention to withdraw such termination'.
Earlier in the day, Australian iron ore producer BCI said it would challenge Regent's plan to terminate the A$345 million ($343.9 million) takeover offer.
'Accordingly, the company will vigorously defend any application to the (Australian) Takeovers Panel,' Regent Pacific said.
Regent Pacific shares were suspended on Monday. On Friday, the stock ended down 2.7 percent, lagging the broader Hang Seng index. ($1 = 1.003 Australian Dollars)
(Reporting by Lee Chyen Yee; Editing by Chris Lewis)
((chyenyee.lee@thomsonreuters.com; 852 2843-6901; Reuters Messaging: chyenyee.lee.reuters.com@reuters.net)) Keywords: REGENT/ (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2011. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.