PanAust urges shareholders to accept revised Gram offer
PERTH (miningweekly.com) – The shareholders of ASX-listed takeover target PanAust have again been urged to accept a takeover offer from suitor Guangdong Rising Asset Management (Gram), as it was revealed on Friday that the company now had an interest of around 70.43% in PanAust.
At the start of this week, PanAust advised shareholders to accept the takeover offer from Gram after the Chinese firm upped its offer from A$1.71 a share, to A$1.85 a share in cash.
The revised offer price represented a 51% premium to the last closing price of PanAust shares prior to the initial offer, and was within the fair value range considered by an independent expert.
Gram declared that its revised offer would be the final offer on the table, subject to no competing proposal emerging.
PanAust warned its remaining shareholders that if Gram obtained less than a 90% shareholding in the company, the Chinese firm would not be entitled to obtain the remaining shares in the company, meaning that the remaining shareholders in PanAust would only hold a minority interest. The majority shareholding would mean that share prices in PanAust were likely to fall significantly at the close of the offer, and that the liquidity of the company’s shares would be significantly lowered.
Gram had also indicated that it would apply to have PanAust delisted from the ASX.
With the Chinese firm now acquiring a majority stake in PanAust, the offer period had been automatically extended until May 27.
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