Titan takes majority stake in Core Gold
PERTH (miningweekly.com) – ASX-listed Titan Minerals has gained a majority shareholding in takeover target Core Gold, at the end of its offer period on January 14, with the Australian company saying it would now allow the remaining shareholders until January 27 to accept its offer.
Titan in September last year launched a takeover offer for the TSX-listed Core Gold, offering its shareholders 2.5 fully paid titan shares for each Core share held, valuing the Canadian takeover target’s shares at 42.2c each.
The Australian company subsequently increased its offer to 3.1 Titan shares for each Core share held, valuing Core Gold at 52.3c each.
At the end of the takeover offer period on January 14, Titan had acquired more than 85.5-million Core shares, accounting for 54.2% of the company’s issued and outstanding shares, bringing its total shareholding in the Canadian miner to 56.7%.
“By achieving the minimum tender condition and receiving shareholder approval for the issue of Core offer shares, Titan have now met all conditions precedent to our bid for Core Gold,” said Titan MD Laurence Marsland.
“With well over 50% of outstanding securities now tendered, we will take up and pay for the shares so far taken up as soon as possible and have extended the period shareholders have to tender their shares under the offer until January 27.”
Meanwhile, both Titan and Core have confirmed that the British Columbia Securities Commission had dismissed a compliant filed by two of Core’s shareholders alleging a number of misrepresentations in the materials filed by Titan as part of its takeover bid.
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