PanAust in trading halt to complete bid discussions with Gram
PERTH (miningweekly.com) – Takeover target PanAust on Friday went into a trading halt, saying it was in discussions with suitor Guangdong Rising Asset Management (Gram).
PanAust had consistently rejected the A$1.71-a-share cash offer made by Gram in April this year, saying the offer did not adequately recognise the long-term strategic value of the Frieda River copper project, in Papua New Guinea.
However, the gold/copper miner said that while the current offer was inadequate, the company remained open to further engagement with Gram, and would consider all proposals it considered to be in the best interest of shareholders.
PanAust on Friday requested that share trading on the ASX be suspended until the company completed its bid discussions with Gram, which was likely to be on May 11.
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