PERTH (miningweekly.com) – Gold miner Ramelius Resources has extended its takeover offer for fellow-listed Musgrave Minerals until September 15, and has reiterated that it will not be improving on its offer, in the absence of a competing bid.
The gold miner is offering one of its own shares for every 4.21 Musgrave shares held, as well as a 4c-a-share cash payment. The offer valued Musgrave at A$201-million and valued the company’s shares at 34c each.
Ramelius on Friday said that its interest in the takeover target now stood at 47.36%.
All conditions under the offer will be waived once the company’s interest reaches over 50.1%.
The Musgrave directors have unanimously recommended that shareholders accept the offer in the absence of a superior proposal.