ConsMin up 2.2%; Pallinghurst bidders statement issued

Shares in Consolidated Minerals Ltd rose two per cent today, after distributing the favoured Pallinghurst bid documents to shareholders today.

The company disclosed yesterday that Belize-based Palmary Enterprises Ltd had bought a 12.1 per cent ConsMin stake, though no-one from the group had yet been in contact.

A private equity consortium led by ex-BHP Billiton chief Brian Gilbertson's Pallinghurst Resources, had recently made a takeover offer for the company of $3.30 cash per share, valuing the company at around $775 million.

The ConsMin board make clear their preference for the Pallinghurst bid, dismissing that of Territory, which was valued at $2 cash and 1.5 Territory shares for each ConsMin share. Territory is nonetheless expected to make another bid.

Shares in ConsMin rose 8c to $3.72 at close of trade today.