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Westgold offer opens for Musgrave

23rd June 2023

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – Gold miner Westgold Resources’ offer for fellow-listed Musgrave Minerals has opened.

Musgrave previously urged shareholders not to take any action on the unsolicited and conditional off-market takeover offer, under which Westgold is offering one of its own shares for every 5.37 Musgrave shares held.

The offer implies an equity value of A$177.3-million for Musgrave, or 30c a share, representing a 30.5% premium to Musgrave’s five-day volume weighted average share price and a 33% premium to its 30-day volume weighted average share price.

The takeover offer is set to close on July 24, unless extended.

Edited by Creamer Media Reporter

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