Gold Road raises DGO bid

Gold Road Resources has lifted its all-scrip takeover offer for DGO Gold in what it says will be its best final offer to acquire the ASX-listed minerals explorer.

The mid-tier has offered DGO shareholders an improved 2.25 Gold Road shares for every DGO share held, compared to a 2.16 per share consideration deal tabled at the end of April.  

Both offers have been unanimously recommended by the DGO board – in the absence of a better deal – but acceptances have only been received from 21.5 per cent of DGO shareholders thus far.

The deal requires an 80 per cent minimum acceptance to cross the line.

DGO has holdings in three listed gold hopefuls including a 14.4 per cent stake in De Grey Mining, which is developing the renowned Mallina gold project in the Pilbara.

It also owns 6.8 per cent of Dacian Gold, which operates Mt Morgans mine, and 20.1 per cent of Yandal Resources.

Gold Road shares closed the day 4.23 per cent higher to trade at $1.36 and DGO 3.46 per cent higher at $2.99.