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Norton extends Bullabulling offer

Norton extends Bullabulling offer

Photo by Bloomberg

3rd June 2014

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – Gold miner Norton Gold Fields has extended its takeover offer for fellow-listed Bullabulling Gold until June 16, as the company’s offer gained traction.

Norton Gold Fields announced on Tuesday that it had increased its shareholding in Bullabulling to 14.6%.

In an April takeover offer, Norton Gold Fields offered Bullabulling shareholders 7c a share in cash for each share held. The offer represented a 30% premium to the company’s share price on April 17, and a 32% premium to the three-month volume-weighted average price.

However, an independent expert had valued the company’s shares at between 11c and 16c a share, with a preferred value of 14c a share.

Bullabulling has maintained that shareholders reject Norton’s takeover offer, saying that it did not fairly reflect the value of the company’s namesake project, in Western Australia.

Edited by Creamer Media Reporter

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