The bidders already hold 21.9% of Aquila and Bass holds 10.7% of Aquila’s shares.
He said would accept the offer by the end of June, but like Aquila chairman and CEO Tony Poli, he reserved the right to change his mind.
Bass formed Aquila in 2000 with Poli, who holds 28.9% of Aquila, and was on the board until November last year.
When he resigned he said he planned to keep his Aquila shares, other than possibly selling them for charitable purposes.
If Bass and Poli accept the bid next week, Baosteel and Aurizon will hold more than 50% of Aquila, achieving the minimum acceptance condition.
“The bidders consider that these statements of intention from Aquila’s co-founders demonstrate the compelling nature of the bidders’ all-cash offer, especially in the context of a declining iron ore market,” Baosteel and Aurizon said in a statement.
The offer is due to close on July 11.
Shares in Aquila gained 0.3% to $3.39 yesterday.
