12/10/2009 - 08:44

Ramelius ramps up Dioro takeover

12/10/2009 - 08:44

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Ramelius Resources' takeover bid for Dioro Exploration is gaining momentum with the Adelaide-based company boosting its shareholding by more than 9 per cent and extending the offer by three weeks.

Ramelius Resources' takeover bid for Dioro Exploration is gaining momentum with the Adelaide-based company boosting its shareholding by more than 9 per cent and extending the offer by three weeks.

In the latest update to the local stock exchange over its shareholding in gold miner Dioro, Ramelius said it had increased its interest from 11.89 per cent to 21.4 per cent through acceptances of its takeover offer.

Ramelius is offering two of its shares for every Dioro share held.

Ramelius was due to close its offer today, but have extended the deadline by three weeks to November 2. The company has not ruled out another extension.

Avoca Resources remains a big hurdle for Ramelius' takeover ambitions, with the gold miner holding a 44.85 per cent stake after its takeover for Dioro wrapped up in August.

Shares in Dioro closed unchanged at 86c while shares in Ramelius closed down one cent to 45.5c today.

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