https://www.engineeringnews.co.za

Alto receives potential competing offer

22nd May 2020

By: Mariaan Webb

Creamer Media Contract Publishing Editor

     

Font size: - +

Takeover target Alto Metals has a new suitor – privately owned investor Habrok Mining.

The Western Australia-based gold explorer said on Friday that it had received a proposal from Habrok to make an offmarket takeover offer of 6.6c a share.

The intended offer beats the 6.5c-a-share offer that Alto recommended shareholders accept from Goldsea Australia Mining.

The offer would also be on an unconditional basis and thus not conditional on due diligence, financing, regulator approval or further approvals.

“We assume that the Alto board will withdraw its recommendation in respect of the Goldsea share offer and the statements of intent by the Alto board to accept the Gold share offer in the absence of a superior proposal,” Habrok director Simon Raftery said in a letter to Alto Metals chairperson Richard Monti.

He noted that Habrok would lodge its bidder’s statement over the “coming weeks” and that it would look to discuss with Alto an accelerated timetable for the dispatch of the bidder’s statement.

Habrok on Friday acquired a relevant interest of 12.04% in Alto as “an indication of its commitment”.

Alto directors advised shareholders not to take any action yet.

Alto’s share price closed 1.59% lower at 6.2c a share on Friday.

Edited by Creamer Media Reporter

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Astore Keymak
Astore Keymak

Astore Keymak is one of South Africa’s leading suppliers of high-quality Thermoplastic Pipeline Systems, with branches in the major provinces.

VISIT SHOWROOM 
Monitor Distributors
Monitor Distributors

We at Hawk High Pressure Pumps specialise in industrial pumps and pumping systems. Our high pressure washing equipment is locally manufactured and...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







301

sq:0.053 1.249s - 140pq - 2rq
Subscribe Now