Bentley makes bid for Marathon

The Farooq Khan-chaired investment group Bentley Capital has launched a $2.3 million unconditional on-market takeover offer for South Australian minerals explorer Marathon Resources.

Bentley has instructed its stockbroker Shaw Stockbroking to make offers to purchase all issued ordinary shares in Marathon at a price of 2.5 cents per share.

Marathon issued a statement to its shareholders today advising them to take no action until the board has had an opportunity to consider the deal. 

Marathon chairman Peter Williams noted that the offer was at less than one half of Marathon's current cash backing per share and attributed no value to the company's other assets, including work being undertaken on exploration areas.

Bentley earlier this week acquired more than 18 million Marathon shares at the same price, representing an almost 20 per cent stake in the explorer. 

Marathon shares closed the day's trade 22.7 per cent higher at 2.7 cents, while Bentley shares were unchanged at 16 cents.