Pala drops bid for Rockwell

By: Liezel Hill

Published: 4th November 2008

TORONTO (miningweekly.com) – Pala Investments has withdrawn an unsolicited bid for Rockwell Diamonds, the Vancouver-based gem-miner said on Tuesday.

Pala had offered Rockwell shareholders $0,36 a share, which Rockwell argued did not reflect the true value of the company.

“The reason given by Pala for its withdrawal was that it had determined that a number of the conditions to the offer were incapable of being satisfied prior to the expiry date,” Rockwell said in a statement.

“No further information has been finished to the Rockwell board to explain this withdrawal of the offer.”

Rockwell mines high-value diamonds from alluvial mines in South Africa.

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