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Gold Road accepts Ramelius' bid for Apollo

10th November 2021

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – Gold miner Gold Road Resources on Wednesday announced that it would accept the off-market takeover offer from fellow-listed Ramelius Resources for its 19.9% interest in Apollo Resources.

Ramelius last week improved on its initial offer of 34c a share in cash along with 0.1375 Ramelius shares for each Apollo share held, to 34c a share in cash and 0.1778 Ramelius shares for each Apollo shares held, increasing the offer value from 56c a share to 62c a share.

The move prompted Gold Road to withdraw its own 56c-a-share offer for Apollo at the start of this week.

Ramelius noted on Wednesday that following Gold Road’s acceptance of its offer, the company now had a relevant interest of 41.8% in Apollo’s issued share capital. The suitor has urged the remaining Apollo shareholders to accept the offer, which is unconditional and has been recommended by the Apollo board.

Edited by Creamer Media Reporter

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