Base admits takeover unlikely

Mineral sands miner Base Resources has admitted defeat in its attempt to take over World Titanium Resources.

In a statement today, the company said it had concluded that the offer was unlikely to succeed unless there was a significant change in circumstances.

It maintained that the offer price was its best and final and would not be increased between now and when it is closed on February 6, nor would it be extended.

“Base will continue to explore and pursue alternative growth options,” the company said.

Last week, WTR warned Base that the takeover bid was unlikely to succeed after the company received binding undertakings from shareholders who represent more than 60 per cent of its issued shares that they would not accept the offer.