Fortescue Metals Group (ASX:FMG) is set to acquire Red Hawk Mining (ASX:RHK) after a successful $254 million takeover bid, exceeding the initial $172 million offer.
Over 75% of Red Hawk shareholders accepted the offer, raising the share price from $1.05 to $1.20 and allowing Fortescue to acquire remaining shares.
Red Hawk's high-grade Blacksmith project, near Fortescue's Solomon operations, is expected to boost Fortescue's iron ore blend.