06/07/2009 - 10:51

Avoca lifts Dioro offer to over $70m

06/07/2009 - 10:51

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Gold miner Avoca Resources has ramped up its takeover for Dioro Exploration, today lifting its all-scrip offer to more than $70 million.

Gold miner Avoca Resources has ramped up its takeover for Dioro Exploration, today lifting its all-scrip offer to more than $70 million.

West Perth-based Avoca said it's offer will be increased to one of its shares for every 2.4 Dioro shares, valuing the latter's shares at 74.8 cents.

An Avoca spokesperson said the increased offer valued Dioro at around $70.6 million.

Avoca said the latest offer is a 19 per cent premium to Dioro's 63 cent closing price on July 3.

Shares in Dioro rose one cent to 64c while shares in Avoca dropped three cents to $1.765 at 12:29 AEST.

Previously, Avoca was offering one of its shares for every 2.82 Dioro shares, which, on the day of the takeover announcement, valued the offer at $49 million.

Avoca has also extended its takeover to July 21 and currently holds 14.95 per cent of Dioro.

 

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