FIRB clears Norton bid for Bullabulling
PERTH (miningweekly.com) – ASX-listed Norton Gold Fields on Monday announced that its takeover offer for fellow-listed Bullabulling Gold had become unconditional, after the Australian Foreign Investment Review Board approved the acquisition.
Norton Gold Fields was offering Bullabulling shareholders 7c a share in cash for each share held. The offer represented a 30% premium to the company’ share price on April 17, and a 32% premium to the three-month volume-weighted average price.
However, the directors of Bullabulling have urged shareholders to reject the takeover offer, saying it was both inadequate and opportunistic, and adding that it did not reflect the inherent value of the Bullabuling gold project, in Western Australia.
The takeover offer would close on June 2.
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