The independent Mako Gold Ltd (ASX:MKG) board directors have unanimously recommended that the company’s shareholders accept the best and final offer from Aurum Resources Ltd (ASX:AUE) without delay.
The off-market takeover offer was announced on October 11, 2024, and Aurum now holds 86.83% of Mako shares.
With that holding, Aurum is effectively in control of Mako and has appointed a majority of the board of directors of Mako.
Any superior offer is unlikely to be received and Aurum will not increase its offer at this stage.
There is also no guarantee that the offer will be further extended.
If Mako shareholders fail to accept the offer on or before 7:00 PM (Sydney time) on January 31, 2025 they face the risk of being minority shareholders in Mako with limited liquidity.
“We wholeheartedly recommend that the remaining Mako shareholders accept the offer without delay,” Mako’s independent directors Peter Ledwidge and Michele Muscillo said.
“If the remaining Mako shareholders do not accept the offer and Aurum does not reach compulsory acquisition thresholds (which includes a 90% relevant interest in Mako) they will remain a minority shareholder in Mako with reduced influence in the running of the business.”