BC Iron Ltd says the Foreign Investment Review Board has given approval for the company’s second largest investor to acquire all the remaining shares in the company it does not already own.

Hong Kong stock exchange-listed Regent Pacific Group Ltd has offered $3.30 cash per BC Iron share, valuing the company at around $345 million.

The offer remains subject to court approval, shareholder approval and an independent expert’s report.

BC Iron said in a statement on Tuesday its directors would vote in favour of a Scheme of Arrangement unanimously, in the absence of a superior proposal.

Regent Pacific, a British-Australian multi-commodity miner, currently owns 19.9 per cent of BC Iron.

BC Iron said it did not know the intention of its major shareholder, Consolidated Minerals Ltd, which owns 21.1 per cent of the company, with respect to the offer.

Shares in BC Iron were steady at $3.25 at 1050 AEDT.

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