PERTH (miningweekly.com) – Suitor Mineral Resources (MinRes) has extended its takeover offer period for fellow listed Norwest Energy until March 16.
MinRes earlier this year launched its takeover offer for Norwest, offering Norwest shareholders one fully paid MinRes share for every 1 367 Norwest shares held, implying a value of 6c a Norwest share.
The company later revised its offtake offer to one fully paid ordinary share in MinRes for every 1 300 Norwest shares held, implying an offer price of 7.41c a Norwest share and implying a value of A$497-million to the takeover target.
The Norwest directors unanimously recommended that shareholders accept the revised offer.