PERTH (miningweekly.com) – Gold miner Evolution Mining has gained a 90.03% shareholding in takeover target Phoenix Gold, triggering a higher offer price.
Evolution had initially offered 6c in cash and 0.06 of its own shares for every Phoenix share held, with the takeover offer subject to a limited number of customary conditions, as well as the gold price not falling below A$1 250/oz.
In November, the miner revised its offer to 6.75c a share cash and 0.06 of an Evolution share for each Phoenix share held, subject to Evolution obtaining an interest of 90%.
The ASX-listed Phoenix Gold has consistently urged remaining shareholders to accept the takeover offer.
With Evolution now reaching the 90% acceptance milestone, the offer period has been automatically extended until December 30. Evolution would also now be entitled to proceed with a compulsory acquisition of the remaining shares in Phoenix.