Previously New Hope announced its intention to launch a takeover bid for Resource Pacific, but withdrew after Resource Pacific insisted on completing its planned offer bid that hoped to raise $A165 million for the sole-mine operator.
The first stage of the entitlement offer was completed last week, raising $134.2 million, with the second stage to be launched shortly.
In its revised bid New Hope is offering 0.94 New Hope share for every one Resource Pacific share – valuing the company at $754 million.
Its previous offer was 1.04 New Hope shares for every one Resource Pacific share for a total consideration of $590.8 million for the company.
New Hope chairman Robert Milner said the initial offer was withdrawn after a defeating condition that Resource Pacific not issue any shares before the close of the bid period.
He said he was pleased Resource Pacific shareholders would now have the opportunity to consider New Hope's revised bid and to become a part of a larger and more operationally diverse group with a strong balance sheet.
A bidder's statement is expected to be lodged with the Australian Securities and Investments Commission around November 12.
