ConsMins in Titan takeover bid
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Consolidated Minerals subsidiary Consolidated Nickel has launched a takeover bid for resources explorer Titan Resources Limited.
The offer is for one Consolidated Minerals share for every 35 Titan Shares held, valuing Titan shares at 7.77 cents each - based on Consolidated Mineral's March 27 closing price of $2.72.
This represents a premium of 34 per cent on the closing price of Titan shares on this date.
Consolidated Minerals will also seek to purchase or cancel the Titan employee options for cash consideration.
Consolidated Minerals believes the proposal represents a full and fair offer.
The offer is subject to conditions typical of takeover offers, however no minimum acceptance condition has been included.
Consolidated Minerals is currently Titan's largest shareholder, holding a 19.9 per cent interest.