Consolidated extends offer period for Titan

Shareholders in resources explorer Titan Resources Ltd have been given more time to respond to a takeover offer by Consolidated Nickel Ltd, with the end of the offer period being extended to 5:00 pm WST on 31 July 2006.

Since making the initial offer in April, Consolidated has increased its shareholding in Titan, from 19.9 to 70.09 percent of shares. However, Consolidated will still need to acquire a further 20 percent of shares to make the takeover compulsory.

Consolidated offered one of its shares for every 27 Titan shares held, valuing Titan shares at 10.1 cents and the entire deal at $37.73 million.

Titan's board has recommended the offer.