Core still considering other options besides Titan
PERTH (miningweekly.com) – The directors of TSX-V-listed Core Gold have urged its shareholders not to take any action over a second takeover offer from ASX-listed Titan Minerals.
Titan in September launched its second takeover offer for Core, offering 2.5 fully paid ordinary shares for each Core share held, valuing the company’s shares at 42.2c each, a 164% premium to its closing price on September 13.
The new deal valued Core at C$70.4-million.
The two companies in July this year called off an initial merger agreement after the British Columbia Supreme Court declined to approve the deal, under which Titan would have issued Core shareholders 20 new Titan shares for every one Core share held, valuing the takeover target at C$72-million.
Titan’s new offer for Core is expected to close on January 14.
Core has urged its shareholders not to take any action until the company is able to make a formal recommendation.
In the meantime, Core was also waiting for third parties to express formal interest in a transaction with the company, after a strategic review process of alternatives available to the company, including equity or debt financing, core and non-core asset sales, strategic investments and joint ventures, as well as potential mergers.
The company was giving third parties until mid-October to express an interest, saying that it remained committed to continuing the strategic review process.
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