Westgold backs away from Gascoyne fight
PERTH (miningweekly.com) – Suitor Westgold Resources has approached the Australian Securities and Investment Commission (ASIC) to withdraw its takeover offer for gold miner Gascoyne Resources, after taking the decision not to waive any of its offer conditions.
ASX-listed Firefly Resource’s bid for Gascoyne opened earlier this week, after the Supreme Court of Western Australia backed the transaction.
Gascoyne had taken efforts to terminate the scheme implementation deed (SID) with Firefly, after receiving Westgold’s bid, given that the SID did not contain a termination right for Gascoyne in the event of a competing bid, and given that Westgold’s offer remained subject to the Firefly transaction not proceeding.
Westgold said on Wednesday that it had exhausted all possible avenues open to the company to enable Gascoyne shareholders to receive the Westgold offer, but had taken the decision not to waive any conditions of its offer.
As such, the company had now written to ASIC seeking consent to withdraw its offer. If consent was given, it could be done with conditions, the company added.
“Westgold is disappointed with the decision by the court to approve the Firefly scheme as we and almost 50% of Gascoyne’s shareholder base believed that the combination of Westgold and Gascoyne would deliver a superior outcome for Gascoyne shareholders,” said Westgold executive director Wayne Bramwell.
“We identified the opportunity to enhance the low grade Dalgaranga operation with additional high-grade ore from our Cue assets for the benefit of both Westgold and Gascoyne shareholders and our offer reflected that value.
“Dalgaranga is just one infrastructure option for Westgold. Now we move on and will continue to pursue a disciplined growth strategy for the benefit of all our shareholders,” he said.
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