PERTH (miningweekly.com) – The major shareholder in takeover target Avanco Resources has accepted the recommended takeover offer from ASX-listed Oz Minerals.
The directors of Avanco earlier backed the off-market A$418-million cash and scrip offer from Oz Minerals, which was offering Avanco shareholders 8.5c in cash and 0.009 of its own shares for every Avanco share held.
Oz Minerals told shareholders on Friday that Appian Natural Resources has now formally accepted the takeover offer for all of its 18.44% shareholding in Avanco.
Furthermore, BlackRock and its related entities have also accepted the offer through the institutional acceptance facility for their respective 11.6% interest in Avanco.
Oz Minerals now has a 35.57% interest in the takeover target.
The ASX-listed company has meanwhile declared the offer price final, in the absence of a competing proposal, reminding Avanco shareholders that the offer would close in June 1.