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Takeover period for Inova extended

7th October 2013

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – China’s Shanxi Donghui Coal Coking & Chemicals Group has extended its takeover offer period for ASX- and TSX-listed Inova Resources until the end of October.

Inova’s independent directors had previously ceded to a $160-million takeover offer from Shanxi Donghui, urging shareholders to accept the bid if the offer was declared unconditional, and if the company’s largest shareholder, Turquoise Hill Resources, accepted the offer.

Inova told shareholders on Monday that while Turquoise Hill had agreed to sell an initial 14.9% of its 56.2% shareholding in the company, it had not received any notice that the shareholder would accept the offer for all of its shares.

Furthermore, the offer also remained conditional, including a 51% minimum acceptance condition.

Edited by Creamer Media Reporter

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