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In Brief: Territory lifts Olympia shareholding

TERRITORY Resources Ltd has secured control of takeover target and mineral sands producer, Olympia Resources, by lifting its stake to 55.3 per cent. The increase followed Olympia’s rejection of Territory’s $15.5 million takeover bid last month. Territory’s offer of 10 cents per Olympia share, based on its share price of 6.8 cents, was rejected by Olympia based on a valuation by independent expert BDO, which assessed the preferred value of shares in a range from 21 cents to 25 cents.

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