Photo by: Bloomberg
PERTH (miningweekly.com) – Private equity investor Stanhill Capital Partners has increased its takeover offer for metals developer Robust Resources from 28c a share in cash to 31.5c a share in cash.
The increase offer valued Robust at A$61.5-million.
Robust directors have to date made no recommendation around the takeover offer. However, earlier this month the company advanced its intention to divest of its Kyrgyz assets after the shareholders of Aim-listed Mentum voted in favour of acquiring these assets.
Robust earlier this year signed a memorandum of understanding with Mentum under which the Asia-focused mining development company would acquire Robust’s Kyrgyz assets and be renamed Tengri Resources.
The company had issued no response to the increased offer at the time of writing.
Stanhill currently holds a 19.9% interest in Robust.