Shares in Avoca Resources were higher today after Dioro Exploration recommended shareholders accept the gold miner's cash and scrip takeover offer.
Late yesterday, Dioro issued its target statement in relation to Avoca's offer, adding that its directors intend to accept the offer.
Avoca is offering 65 cents cash and 0.325 of its shares for each Dioro share.
Avoca said that based on Dioro's closing price yesterday, the offer valued each Dioro share at $1.18. The offer values Dioro at about $80 million.
The bidder today added that was pleased the independent expert KPMG had found the offer fair and reasonable.
Avoca currently holds a 44.85 per cent interest in Dioro following its first takeover attempt last year.
Recently, Dioro recommended shareholders reject Ramelius Resources all-scrip takeover offer of 2.1 of its shares for each Dioro share.
Ramelius' offer is due to close on February 8.
Shares in Avoca climbed 8.5 cents to a high of $1.715 before easing to $1.685 while shares in Dioro rose 1.5c to $1.185 at 14:24 AEDT.
