State-run miner National Mineral Development Corporation (NMDC) has completed due diligence on its proposed acquisition of a 50-per cent stake in Perth-based Australian mining group Legacy Iron Ore Ltd and is expected to submit a formal offer this week.
According to Legacy, the company expects to receive a formal offer from NMDC during the week commencing 22 August 2011.
''Legacy anticipates receiving a formal offer by NMDC to be tabled for consideration
by the Legacy Board during the week commencing 22 August 2011," Legacy said in a filing with the Australian Securities Exchange (ASX) today.
''This information and various recommendations by the independent experts, has now been presented to the NMDC board for their review in determining an offer to table to the Legacy Board for its consideration,'' the company said.
Legacy has been placed under a trading halt by the ASX pending an update on the transaction with the NMDC, with the company's shares frozen at the pre-open range.