PERTH (miningweekly.com) – Suitor Ansteel has told ASX-listed Gindalbie Metals that it will not be increasing its offer for the company.
Gindalbie in March announced a 2.6c a share takeover offer from Ansteel, which already holds a major interest in the company.
The takeover offer was announced simultaneously with Gindalbie’s plans to demerge its subsidiary Coda Minerals, which holds the rights to a significant and strategic portfolio of tenements in South Australia.
Gindalbie’s independent directors and an independent expert have thrown their weight behind the offer, urging shareholders to accept the deal.
“Ansteel is supportive of proceeding with the transaction in accordance with the currently proposed scheme of arrangement and demerger. We agree with the independent expert’s opinion as well as our independent board’s vie of the transaction, both of which are stated in the relevant scheme booklet,” Ansteel told Gindalbie.
“The current transaction is the only structure that can be achieved under Ansteel’s regulatory approval conditions. Therefore the current proposal is final.”
The deal has already been approved by both Australian and Chinese regulators, with Gindalbie shareholders expected to vote on the transaction on July 3.