Resources explorer Titan Resources Ltd has announced it is in discussions with a party that has provided an alternative to Consolidated Minerals Ltd's scrip takeover offer.
Resources explorer Titan Resources Ltd has announced it is in discussions with a party that has provided an alternative to Consolidated Minerals Ltd's scrip takeover offer.
Resources explorer Titan Resources Ltd has announced it is in discussions with a party that has provided an alternative to Consolidated Minerals Ltd's scrip takeover offer.
The independent directors are considering the terms of the proposal and in the meantime continue to strongly recommend shareholders take no action in relation to the Consolidated Minerals offer.
Consolidated Minerals subsidiary Consolidated Nickel launched a takeover bid for Titan last month.
The offer is 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 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.
At market close, shares in Titan closed up .8 of a cent to 8 cents, while Consolidated Minerals closed down 7 cents to $2.54.