Richfield directors reject takeover offer from Brierley's Mercantile

Wed, 06 Jan 2016

By Sophie Boot Jan. 6 (BusinessDesk) - Richfield International's board has unanimously urged shareholders to reject a takeover offer from veteran corporate raider Ron Brierley's Mercantile Investment. The ASX-listed shipping firm received an unsolicited on-market takeover offer of 20 Australian cents per share from Mercantile on Dec. 23, which Richfield's directors say is materially inadequate, and doesn't reflect fair value for the shares nor include a control premium. The shares last traded at 20.5 Australian cents, where they closed on...

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