PERTH (miningweekly.com) – Suitor T2 Resources Fund has increased its takeover offer for ASX-listed Realm Resources from 90c a share to A$1 a share in cash.
T2 said on Tuesday that the 11% a share increase amounted to a A$25.3-million increase in the offer price for Realm, which was now valued at A$253-million.
The suitor said that its revised cash offer represented a premium of 17.6% to Realm’s last trading price on July 13, and a 15.9% premium to the company’s 21-day volume weighted average share price of Realm shares between June 15 and July 13 last year.
Meanwhile, the offer period has been extended until the end of business June 11.
Realm has previously advised shareholders to reject the takeover offer, citing an independent expert’s report which valued the company’s shares at A$1.62 and A$1.92 a share.
The independent expert surmised that the T2 offer was neither fair nor reasonable.