August 1 (Reuters) - Iluka Resources Ltd ILU.AX :
* Iluka acquisition of Sierra Rutile Limited ILU.AX
* Iluka assumes SRL's debt of approximately US$60 million
* Offer is 36 pence cash for each SRL share which values the entire issued and
to be issued shares of 1 srl at approximately £215 million
* The board of SRL has provided its unanimous recommendation for the
acquisition
* Transaction is expected to be EPS accretive in the first full year (2017)
* Iluka to refinance SRL debt using existing facilities
* Source text for Eikon