Norton conditionally increases Bullabulling offer
PERTH (miningweekly.com) – Gold miner Norton Gold Fields has conditionally increased its offer price for fellow-listed Bullabulling gold, and has extended the offer period by one month.
Norton on Monday announced that it would increase its offer price for Bullabulling shares from 7c a share to 8c a share, if Norton obtained a relevant interest of 30% or more in the takeover target by June 30.
If the company did not reach its 30% target by the end of June, the 7c-a-share offer price would continue to apply.
Norton has warned Bullabulling shareholders that it would not further increase its offer price.
An independent expert had valued Bullabulling’s shares at between 11c and 16c a share, attaching a preferred value of 14c a share to the company. As a result, Bullabulling has maintained that its shareholders take no action around the Norton offer.
Meanwhile, Norton on Monday also extended its takeover offer for Bullabulling, saying it would close at the end of business on July 16.
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