Gold producer, Avoca Resources may have secured a victory in the final hours of its bid for Goldfields miner Dioro Exploration, raising its stake in Dioro to just over 36 per cent after a UK fund manager relinquished its hefty interest in the miner.
Dioro Exploration's defence against Avoca Resources' hostile takeover bid has collapsed after its white knight, Northgate Minerals Corporation, terminated talks over the proposed acquisition of Dioro's stake in a key gold asset.
Shares in takeover target Dioro Exploration have been placed in a trading halt ahead of an announcement regarding a Canadian company's proposal to buy it's flagship asset while hostile suitor Avoca Resources extends its takeover offer again.
Dioro Exploration major shareholder Baker Steel Capital Manager has increased its stake in the takeover target, which is expecting an offer from a Canadian company to trump the hostile Avoca Resources bid.
Takeover target Dioro Exploration says it is in advanced discussions with Canadian copper and gold miner Northgate Minerals Corporation as original suitor Avoca Resources extends its $68.5 million offer.