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Atherton urges small shareholders to accept offer

Atherton urges small shareholders to accept offer

Photo by Bloombeg

30th October 2015

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – Takeover target Atherton Resources on Friday urged its remaining shareholders to accept a takeover offer from Auctus Chillagoe, after major shareholders backed the deal.

Earlier this week, the liquidators of Kagara and Mungana, which hold a combined 67.55% interest in Atherton, decided to accept the takeover offer from Auctus to repay their debts.

Auctus was offering to acquire all the shares in Atherton for 20c each through an on-market takeover.

The Atherton board told shareholders on Friday that it had not received or had any indications of a superior offer from a third party, adding that it was "extremely unlikely" that another offer would eventuate following the change of control brought about by Kagara and Mungana’s acceptance of the Auctus offer.

At the close of business on Friday, Auctus held an 80.78% interest in Atherton.

The offer period had now automatically been extended by 14 days and would close on November 12.

Auctus and Atherton were now in discussions regarding a transitionary process, including the appointment of certain Auctus nominated individuals to the Atherton board.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

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