JOHANNESBURG (miningweekly.com) - ASX-listed explorer Dioro Exploration on Monday advised its shareholders to take no action in relation to fellow listed Avoca Resource's new takeover offer, until a recommendation could be made.

Avoca's new offer would comprise A$0,65 cash, and 0,325 Avoca shares for each Dioro share held.

Avoca was currently bidding against gold producer Ramelius Resources, which amended its offer for Dioro in December. Dioro directors have also advised the company's shareholders to take no action regarding this revised offer.

Ramelius was offering 2,1 of its own shares for every Dioro share held.

Dioro said in a statement that it would be appointing an independent expert to consider the new Avoca offer.

Dioro shareholders would have a choice of competing offers from Dioro's two largest shareholders Avoca and Ramelius, which between them hold in excess of 80% of the company's issued share capital. Both offers would be unconditional, would be offering accelerated payment terms and were declared final.

Under Australian corporations law neither of these offers could now be increased and the Ramelius amended offer cannot be extended further past the current closing date.

The Ramelius amended offer is the first offer to close on February 8.

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