Theta appeals to Focus shareholders
PERTH (miningweekly.com) – Suitor Theta Gold Mines on Friday announced that it would not be extending its takeover offer for fellow listed Focus Minerals.
Theta earlier this month 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.
However, Focus Mineral’s major shareholder, Shandong Gold International Mining Corporation, which holds a 63.18% interest in Focus, has consistently rejected the takeover bid from Theta.
Theta has again called for Focus shareholders to accept the offer, arguing that it represented a premium of 23% to Focus’ last closing price, and gave shareholders the ability to exit a minority position in an illiquid company, while also offering an opportunity to gain exposure to Theta’s own South African projects.
The offer will close on March 2.
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