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Emerald's Bullseye offer opens

18th August 2023

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – The shareholders for gold explorer Bullseye Mining had until September 22 to accept a takeover offer from ASX-listed Emerald Resources.

Emerald on Friday released its bidder’s statement for Bullseye, offering one of its own shares for every four Bullseye shares held, valuing the takeover target at around 55c a share.

The two companies have previously inked a bid implementation agreement, with Bullseye’s independent board committee recommending that shareholders accept the offer in the absence of a superior bid.

In its bidders statement, Emerald told Bullseye shareholders that the combination of the two companies provided an attractive investment opportunity for Bullseye shareholders to continue to have exposure to the Eastern Goldfields in a listed entity ready to develop Bullseye’s projects. It also provides Bullseye shareholders with exposure to gold operations in Cambodia, via Emerald’s 100%-owned 2-million-tonne-a-year Okvau gold mine.

Emerald already holds a controlling interest in Bullseye of 57.34%.


 

Edited by Creamer Media Reporter

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