PERTH (miningweekly.com) – ASX-listed Emerald Resources has moved to take full ownership of takeover target Renaissance Minerals, after acquiring an interest of more than 90% in the company.
The two firms in July announced merger plans, which saw Emerald offer 1.55 new shares for each Renaissance share.
The offer valued Renaissance at A$40-million, or 7c a share, and the combined company is expected to have a market cap of A$95-million.
Emerald has now dispatched a compulsory acquisition notice to all Renaissance shareholders who have not yet accepted the offer.
The takeover offer will close on September 30.