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Evolution won't up bid for Phoenix

26th November 2015

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – Gold miner Evolution Mining has warned the remaining shareholders in takeover target Phoenix Gold that it will not increase its offer for the ASX-listed company.

Earlier this month, the directors of Phoenix Gold advised shareholders to accept the revised takeover offer from Evolution Mining, following discussions between the two parties.

Evolution had initially offered 6c in cash and 0.06 of its own shares for every Phoenix share held, with the takeover offer being subject to a limited number of customary conditions, as well as the gold price not falling below A$1 250/oz.

The revised offer would see Phoenix shareholders receive 6.75c a share and 0.06 of an Evolution share for each Phoenix share held. The offer was subject to Evolution obtaining an interest of 90%.

To date, Evolution has gained a 72.14% foothold in Phoenix.

The gold miner has told the remaining Phoenix shareholders that the offer price was final, and would not be increased.

Phoenix shareholders had until December 15 to accept the offer.

Edited by Creamer Media Reporter

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