Core hesitates to recommend Titan offer
PERTH (miningweekly.com) – Takeover target Core Gold is withholding a recommendation on the improved offer from ASX-listed Titan Minerals.
Titan in September last year launched a takeover offer for Core Gold, offering its shareholders 2.5 fully paid Titan shares for each Core share held, valuing the Canadian takeover target’s shares at 42.2c each.
The Australian company in December increased its offer to 3.1 Titan shares for each Core share held, valuing Core Gold at 52.3c each.
Titan has told Core that it has entered into lock-up agreements with shareholders controlling some 81.6-million Core shares, or a 51.7% interest in the company, giving Titan the ability to meet the minimum tender condition required by law, assuming that all conditions of the offer were satisfied or waived.
Furthermore, the takeover target has pointed out that an independent expert had deemed the offer to be fair, from a financial point of view, to the Core shareholders.
However, the board has taken the decision not to make a recommendation on the offer, saying that any recommendation would be perceived as not being impartial or without conflict of interest, given that one of the company’s directors, who is also a shareholder, has lodged a complaint against the offer with the British Columbia Securities Commission, seeking a delay or cease trade of the offer.
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