PERTH (miningweekly.com) – Bidder Drake Private Investment has increased its offer for ASX-listed junior BBX Minerals.
Drake on Thursday increased its cash offer for all the shares in BBX from 4.5c a share to 4.6c a share, saying that the increased offer was its best and final offer.
The directors of BBX have previously rejected the takeover offer, saying it did not take into consideration the likelihood that a significant gold discovery can be made at the company’s Juma East project, in Brazil.
The directors of BBX told shareholders that they were considering the increased offer, and would respond shortly.
Drake and its associates already hold a 38.51% interest in BBX.
The offer, which closes on October 21, will not be extended.
Edited by: Creamer Media Reporter
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