Ramelius won't up the bid for Musgrave
PERTH (miningweekly.com) – Gold miner Ramelius Resources will not be increasing its takeover offer for fellow listed Musgrave Resources.
In a bidder’s statement released on Friday, Ramelius said that its current offer for Musgrave would be its best and final offer, in the absence of a competing bid.
The gold miner is offering one of its own shares for every 4.21 Musgrave shares held, as well as a 4c-a-share cash payment. The offer valued Musgrave at A$201-million and valued the company’s shares at 34c each.
On Friday, Ramelius' share in the takeover target had reached 33.61%.
The offer is expected to close on September 1.
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