Bullabulling directors give nod to Norton takeover
PERTH (miningweekly.com) – Gold miner Norton Gold Fields had by Friday increased its shareholding in takeover target Bullabulling Gold to 48.58%, after that company’s directors backed the takeover offer earlier this month.
The directors of ASX-listed Bullabulling changed their recommendation on the Norton takeover on July 3, after an increased offer clause was triggered at the start of the month.
Norton’s offer increased from 7c a share to 8c a share after the company gained more than a 30% interest in the takeover target.
The Bullabulling directors noted that while the increased offer still undervalued the company, they said shareholders should accept the offer as Norton had effectively gained control of the company through its majority shareholding and that no alternative offers would now be forthcoming.
The takeover offer was scheduled to close on July 16.
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