PERTH (miningweekly.com) – The Australian Securities and Investment Commission (Asic) has given ASX-listed Ord River Resources conditional consent to withdraw its takeover offer for fellow-listed Dampier Gold.
Dampier triggered a defeating condition of the takeover offer, under which Ord River had offered six of its own shares and 0.5c in cash for every Dampier share held, by announcing its intention to acquire a gold tenement in Western Australia.
Dampier had said the acquisition was in the best interest of the company, and a preferred alternative to the takeover offer.
With the Asic consent now granted, the Dampier takeover offer would close immediately, and all acceptances of the offer, which had not resulted in binding takeover contracts, would be automatically rendered void.
Dampier shareholders who accepted the takeover offer for all, or some, of their shares, would also now be able to resume the trading of those shares.