Bullabulling rejects revised offer from Norton
PERTH (miningweekly.com) – The directors of takeover target Bullabulling Gold have stuck to their guns, refusing a revised offer from fellow-listed Norton Gold Fields.
Norton had increased its takeover offer for Bullabulling from 7c a share to 8c a share, on the condition that the company obtained a relevant interest of 30% or more in the takeover target by June 30.
If the company did not reach its 30% target by the end of June, the 7c a share offer price would continue to apply.
To date, Norton has interest in Bullabulling reaching 17%.
Bullabulling told shareholders on Tuesday that the revised offer was still "inadequate" and "opportunistic", recommending that shareholders reject the offer.
The company said that its directors would continue to focus their efforts on completing the definitive feasibility study for the company’s namesake project, in Western Australia, rather than committing more effort on an offer they considered inadequate.
Norton has warned that it would not increase its offer price for the junior gold miner.
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