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Norton gains majority stake in Bullabulling, starts review process

Norton gains majority stake in Bullabulling, starts review process

Photo by Bloomberg

14th July 2014

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – Gold miner Norton Gold Fields on Monday obtained a controlling stake in takeover target Bullabulling Gold, with its shareholding surpassing 50%.

Norton is offering Bullabulling shareholders an increased 8c a share for their shareholding in the company, after gaining more than a 30% interest in the takeover target.

Bullabulling’s directors have backed this increased offer, recommending shareholders accept the offer in the absence of a superior proposal.

Norton’s takeover period would now be extended by 14 days, and the offer would close on July 28.

Meanwhile, as the company has gained a majority interest in Bullabulling, Norton would now start a review process on the composition of the takeover target’s board of directors, as well as its business operations and its assets.

Edited by Creamer Media Reporter

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