SHAREHOLDERS in resources explorer Titan Resources Ltd have been given more time to respond to a takeover offer by Consolidated Nickel Ltd, with the end of the offer period being extended to 5pm WST on July 31 2006. Since making the initial offer in April, Consolidated has increased its shareholding in Titan from 19.9 to 70.09 per cent of shares. However, Consolidated will still need to acquire a further 20 per cent of shares to make the takeover compulsory. Consolidated offered one of its shares for every 27 Titan shares held, valuing Titan shares at 10.1 cents and the entire deal at $37.73 million. In other market news, West Perth-based oil and gas production and exploration company Tap Oil Ltd has bought almost 600,000, at a cost of just over $1 million since announcing its on-market buy-back of up to 10 million shares in May this year. In a statement, the company indicated that the buy back was part of a capital management initiative designed to optimise its capital structure and enhance returns to shareholders.
