(MENAFN- ProactiveInvestors - Australia) Western Desert Resources (ASX: WDR) has called the news 'surprising' that the Meijin Energy Group have pulled out of their proposed acquisition of Western Desert.
Meijin is the largest private commercial coke producer in China.
Just last month Meijin offered $1.08 cash per share (up to $435M on a fully diluted basis), representing a 50% premium to 30 day VWAP.
Western Desert's managing director Norm Gardner said: " Only Meijin know the true reasons for their surprising and without warning decision this morning.
"WDR remains committed to the development of the Roper Bar iron ore project and to the commencement of Mining by May 2013, with a first shipment of ore by October 2013. We remain on budget to complete the project as previously outlined".
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