PERTH (miningweekly.com) – Takeover target Phoenix Gold has urged its remaining shareholders to accept the acquisition offer from gold miner Evolution Mining, as the offer deadline looms.
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%.
Evolution on Friday said it had gained an 83.79% relevant interest in Phoenix, with the offer set to close on December 15.
Evolution has previously warned that it had no plans to further increase the offer price for Phoenix shares.