PERTH (miningweekly.com) – ASX-listed Molopo Energy has remained mum on a competing bid that emerged this week from WAM Capital.
WAM earlier this week announced its intentions to make an off-market takeover bid for Molopo, under which shareholders would be offered 13.5c a share in cash.
The proposed transaction was subject to a 50.1% minimum acceptance condition, as well as a no materials transaction condition.
The WAM offer rivalled a bid from Aurora Funds Management, which in October this year submitted a bidder’s statement offering Molopo shareholders 13.5c a share in cash, capped at A$5-million, or in Aurora equivalent shares.
Molopo on Friday urged its shareholders not to take any action on either one of the offers.