Shandong rejects higher offer for Focus
PERTH (miningweekly.com) – West African gold explorer Focus Minerals on Tuesday confirmed that shareholder Shandong Gold International Mining Corporation has rejected an increased offer from suitor Theta Gold Mines.
Theta this week increased its offer consideration for Focus Minerals from two shares for each Focus share held, to five shares for every two Focus shares held. The suitor said that the offer would be its best and final, in the absence of a competing bid, and that it would not be increasing its offer for Focus.
Theta has also extended the closing date of the offer from February 21 to March 2.
Shandong Gold, which holds a 63.18% interest in Focus, had previously rejected Theta’s offer for Focus, and has provided Focus with written confirmation that it would also reject the increased offer.
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