PERTH (miningweekly.com) – ASX-listed Padiham Resources has declared its takeover offer for fellow-listed Robust Resources unconditional, after it gained a majority shareholding in the takeover target.
Padiham’s current interest in Robust now stood at 76.26%, and the bidding vehicle has advised Robust’s remaining shareholders to accept the offer, saying it would proceed with a compulsory acquisition once the 90% benchmark was reached.
Padiham is jointly owned by Stanhill Capital Partners Holdings and Droxford International, which in September launched a takeover offer for Robust, offering shareholders 49c in cash.
The conjoined offer replaced a solo offer from Stanhill, under which it offered Robust shareholders 31.5c a share.
Padiham’s offer was expected to close on October 30.