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Tritton to fall into Straits’ hands

A TAKEOVER offer from Straits Resources for local target Tritton Resources looks likely to succeed, following recent progress in the bid for the company.Coal and copper producer Straits is expected to take control of copper explorer Tritton, following a recommendation by Tritton’s board to accept the scrip offer.Under the terms of the bid, Tritton shareholders are offered 10 Straits shares for every 27 they own in the company.The board of Tritton said it arrived at the decision to recommend the offer on the basis that major shareholder Sempra Metals had chosen to accept it, that the share prices of both companies had moved in a direction favouring the bid, and over concern that Straits may increase its holding but not gain full control.

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Source: Morningstar

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