Norton extends Bullabulling offer
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.
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