Cauldron's bid for Energia falls flat
PERTH (miningweekly.com) – ASX-listed Cauldron Energy’s hostile takeover bid for fellow-listed Energia Minerals has failed.
The takeover offer closed at the end of business on Tuesday, with only a 0.20% acceptance.
Energia pointed out that as the offer closed still subject to a number of conditions, any acceptances of the takeover offer were rendered void, and shareholders who had agreed to the offer price would retain their shares.
Cauldron launched its takeover bid for Energia in May last year, offering Energia one of its own shares for every eight Energia shares held. Energia directors were quick to snub the offer, with substantial shareholders following suit.
Energia has subsequently advanced its Carley Bore uranium project, in Western Australia, recently releasing the result of a scoping study on the project.
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