Lion-Asia Resources is currently in the process of aggressively pushing its $123 Million cash offer for acquisition of West Australian iron ore explorer Polaris to be declared as unconditional over Mineral Resource' rival offer, before the bidding officially closes on Wednesday.
To come up with the 50.1% minimum acceptance condition in its offer, Lion is seeking the support of the Australian Securities and Investments Commission.

The ASIC's decision is due today, and many experts of the opinion that the relief will be granted.

As opposed to Mineral Resources' offer of 5 cents cash for each Polaris share, as well as one-tenth of its own share for each one of the seller's shares, Lion is offering 70 cents per share. Based on Friday's closing figure recorded, each Polaris share currently has a market value of 76.3 cents. Presently, Polaris seems to be more in favor of Minerals' bid.

As per current acceptances, Mineral Resources recently owned a 31.7% stake in Polaris, as opposed to Lion which has a 25.4% ownership.

Lion Asia has shared that if its grant is approved by ASIC, it would declare the bid unconditional effective immediately.