As an off-market takeover made by ASX-listed Forrestania Resources for fellow-listed Zenith Minerals extends for another few weeks to November 12, Forrestania has advised that it will not again extend the offer.

The offer, which entails one new Forrestania share for every 4.3 Zenith shares held, was first made on June 9 and has been extended ten times owing to orders and corrective disclosures required by the Takeovers Panel.

Zenith shareholders who wish to accept the 13.2 cents apiece offer, which values Zenith at roughly A$93.5-million, have until November 12 to do so.

Shareholders who do not accept the offer will not receive Forrestania shares and will remain as minority shareholders of Zenith.

Forrestania currently has a relevant interest in 62.04% of Zenith's shares.

"For Zenith shareholders who have not yet accepted the Offer, this represents a final opportunity to participate in Forrestania's growth strategy. With first ore processing at Edna May approaching and the refurbishment of Lake Johnston continuing to advance, we believe Forrestania is well positioned to create long-term value for shareholders," says Forrestania executive chairperson David Geraghty.

Zenith holds a diversified portfolio of Australian mineral exploration projects focused on lithium, gold, copper, zinc and lead.

OFFER CHALLENGES

Forrestania's $79-million all-scrip takeover of Zenith faced major regulatory and shareholders challenges, though the bid was declared unconditional on October 22.

The main issues of the takeover relate to Forrestania having failed to disclose a substantial holding in Zenith which it acquired in April, which the Takeovers Panel deemed "unacceptable circumstances"; shareholders Harvest Lane Asset Management and Ida Metal Investments having challenged the bid, arguing that the disclosure gap and rapid sequence of events left minority shareholders without a full picture of Forrestania's shifting asset base; and delayed unconditionality.

Following a review panel decision, Forrestania had to observe a mandatory waiting period before it could declare the offer free of defeating conditions, which pushed the unconditional date to October 22.

The Takeovers Panel also criticized Forrestania for having announced a $300-million acquisition of Ramelius Resources' Edna May gold assets shortly after launching its bid for Zenith, which the panel said is omission of material information.