PERTH (miningweekly.com) – Gold miner PanAust on Thursday told shareholders to hold off on taking action regarding a takeover offer from shareholder Guangdong Rising Asset Management (Gram).
Earlier this week, Gram announced its intention to launch a takeover offer for PanAust, offering a cash price of A$1.71 for each share it did not already own.
PanAust pointed out that the takeover offer was not yet open for acceptances, and added that the company’s board would consider the offer and would provide advice to shareholders in due course.
Gram, which currently holds a 22.5% shareholding in PanAust, in April last year revealed its intentions to offer A$2.20 a share the gold miner; however, formal documentation never eventuated.