PERTH (miningweekly.com) – The directors of junior BBX Minerals have advised shareholders not to take any action regarding an unsolicited on-market takeover offer from Drake Private Investments.
Drake in early September launched a takeover offer for BBX, offering its shareholders 4.5c in cash for each BBX share held.
Drake and its associates already hold a 38.51% interest in BBX.
BBX CEO Jeff McKenzie told shareholders on Monday that the company had appointed an independent expert to report on the takeover offer, adding that given that the bid was on-market, Drake was under no obligation to increase the bid consideration to shareholders who had already accepted the offer.
The offer is expected to close on October 21.
Edited by: Creamer Media Reporter
EMAIL THIS ARTICLE SAVE THIS ARTICLE
To subscribe email subscriptions@creamermedia.co.za or click here
To advertise email advertising@creamermedia.co.za or click here
