Feb 20 (Reuters) - Aic Resources Ltd A1C.AX :
* INTREPID AND AIC AGREE TO MERGE
* INTREPID WILL OFFER 1 INTREPID SHARE FOR EVERY 2 AIC SHARES PURSUANT TO A RECOMMENDED OFF- MARKET TAKEOVER BID
* EXISTING AIC SHAREHOLDERS AND INTREPID SHAREHOLDERS WILL OWN ABOUT 73% AND 27% OF COMBINED ENTITY, RESPECTIVELY
* COMBINED ENTITY WILL BE LED BY AARON COLLERAN AS MANAGING DIRECTOR AND CEO AND JOSEF EL-RAGHY AS CHAIRMAN
* BOARD OF AIC UNANIMOUSLY RECOMMENDS TO AIC SHAREHOLDERS THAT THEY ACCEPT OFFER, IN ABSENCE OF A SUPERIOR PROPOSAL
* MERGER WILL BE IMPLEMENTED BY WAY OF OFF-MARKET TAKEOVER OFFER MADE BY INTREPID FOR ALL OF ISSUED ORDINARY SHARES IN AIC