Zhaojin's final bid for Tietto

Zhaojin Capital has ramped up its takeover bid for Tietto Minerals, pitching a best and final offer to the takeover target's shareholders on Monday.

Hong Kong-based Zhaojin, which is Tietto's second largest shareholder at 7.02 per cent, has increased its off-market takeover offer from 58 cents to 68 cents per share, stating no higher subsequent offers would be forthcoming.

Zhaojin said the increased offer price represented a 60 per cent premium of Tietto's last closing price following its $650 million takeover offer bid on October 30 last year - and it had received multiple regulatory approvals from China in relation to its offer proposal. 

As of 11.49am WST, Tietto was trading at 65.8 cents per share, up 1 per cent. 

Prior to today's final offer, which will close on May 2, Matthew Wilcox-led Tietto and its shareholders have rejected multiple offers from Zhaojin, which has extended its offer period five times already in 2024. 

On December 7 last year, Zhaojin took verbal aim at Tietto, stating the gold miner “consistently overpromised and undelivered” in regard to its flagship Abujar gold project in Côte d’Ivoire. 

Eleven days later, the company also publicly expressed "disappointment" over the Tietto board's decision to not recommend its takeover bid.

In 2024, fortunes have improved for Tietto at Abujar.

Earlier this month, Tietto told the market its March 2024 quarter was a production record, yielding 37,111 ounces of gold, up from 35,553oz in the December 2023 quarter.

Despite the reduced ounces in the month of December, the company did produce 13,781oz in only 26 days of operation, following a planned annual mill reline.