PANAUST REJECTS SECOND TAKEOVER OFFER
Written on the 13 May 2014
PANAUST Limited (ASX:PNA) has rejected a second takeover bid of $2.30 per share from Guangdong Rising Assets Management (GRAM).
The copper and gold producer declined GRAM’s initial proposal of $2.20 on April 10, saying the proposal was “materially below” expectations.PanAust will grant GRAM with access to due diligence information, to revise its indicative offer price.
“At this stage, there is no takeover offer from GRAM that is capable of acceptance by the company’s shareholders and there is no certainty that one shall eventuate. The company shall continue to keep the market updated as appropriate,” PanAust said in a statement.GRAM is already a significant investor, holding relevant interest of 23 per cent.
At time of press, PNA was trading up 34 per cent at $2.12 each.