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Ord withdraws Dampier offer

Ord withdraws Dampier offer

Photo by Bloomberg

10th June 2014

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – ASX-listed Ord River Resources would abandon its takeover offer of fellow-listed Dampier Gold, after that company announced its acquisition of a precious and base-metals project in Western Australia.

Ord River told shareholders on Tuesday that it had applied to the Australian Securities and Investment Commission, seeking consent to withdraw its offer for Dampier.

At the end of last week, Dampier announced that it was in negotiations to acquire a 20 000 ha tenement in Western Australia, for a combination of cash and shares.

The transaction triggered a defeating condition to the takeover offer by Ord River, under which Ord River offered six of its own shares and 0.5c in cash for every Dampier share held.

Dampier had said the acquisition was in the best interest of the company, and a preferred alternative to the takeover offer.

Edited by Creamer Media Reporter

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