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Quantum fails in Lincoln bid

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7th July 2023

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – ASX-listed Quantum Graphite’s off-market takeover bid for fellow listed Lincoln Minerals is expected to lapse on July 14, after failing to garner significant interest from Lincoln shareholders.

The company is offering one of its own shares for every 40 Lincoln shares held.

The offer was subject to Quantum obtaining a minimum 50.1% interest in Lincoln.

Lincoln previously urged shareholders not to accept the offer, saying the implied value of the offer failed to recognise the inherent value of the company, and that the directors could not be certain that the implied value asserted by Quantum Graphite was sustainable.

Quantum on Friday said that the company would not declare the offer free from the minimum interest conditions, with the offer set to lapse at its close on July 14. Lincoln shareholders who have accepted the takeover offer will retain their interest in the takeover company, and will be free to deal with their shares as they see fit.

Lincoln holds base metals, iron-ore and graphite exploration assets in south Australia, including its Kookaburra Gully graphite project.

Edited by Creamer Media Reporter

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