Minemakers lifts Bonaparte takeover bid

Minemakers has sweetened its takeover bid for Bonaparte Diamond Mines as it secures a 64 per cent stake in the target.

West Perth-based Minemakers is now offering one of its shares for every nine Bonaparte shares, the same deal Union Resources is offering in its takeover bid.

The increased offer will be extended to Bonaparte shareholders who accepted the previous one-for-10 offer.

Bonaparte has already recommended Minemakers' offer to its shareholders and an independent expert has deemed Union's bid as fair and reasonable.

Union is Bonaparte's joint venture partner in the Sandpiper-Meob phosphate project in Namibia.

Minemakers is currently progressing its Wonorah phosphate project in the Northern Territory.

Shares in Bonaparte shed 0.2 cents to five cents at 12:52 AEST.