US firm speeds up Portman takeover

United States company Cleveland Cliffs is looking to wrap up its takeover of iron ore miner Portman Ltd quickly, announcing today it will make on-market purchases at a possible discount to its $21.50 cash offer.

The company has already gained a 94.86 per cent interest in Portman, with the offer due to close on November 3.

In a statement, Cleveland said it may buy Portman shares however it will not pay more than its takeover price of $21.50 per share

A spokesperson for Cleveland told WA Business News that the company was offering the opportunity for Portman shareholders to receive cash for their shares in a matter of days, rather than having to wait months through the normal route of compulsory acquisition.

Shares in Portman closed up 12 cents to $21.40 today.