Takeover target Riversdale Resources is actively seeking alternate offers after an independent expert concluded that an offer from Australian iron-ore producer Hancock Prospecting is neither fair nor reasonable. Hancock in March announced a A$2.20-a-share all-cash offer for the unlisted Riversdale, with the company prepared to increase its offer price to A$2.50 a share once its shareholding in Riversdale reached more than 50% before the close of the offer. Hancock already holds a 19.8% share in Riversdale, which owns a coking coal project in Alberta, Canada.
