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Ramelius won't up the bid for Musgrave

11th August 2023

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – Gold miner Ramelius Resources will not be increasing its takeover offer for fellow listed Musgrave Resources.

In a bidder’s statement released on Friday, Ramelius said that its current offer for Musgrave would be its best and final offer, in the absence of a competing bid.

The gold miner is offering one of its own shares for every 4.21 Musgrave shares held, as well as a 4c-a-share cash payment. The offer valued Musgrave at A$201-million and valued the company’s shares at 34c each.

On Friday, Ramelius' share in the takeover target had reached 33.61%.

The offer is expected to close on September 1.

Edited by Creamer Media Reporter

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