Ramelius Resources Ltd has provided an update on its takeover offer of Musgrave Minerals Ltd (ASX:MGV, OTC:MGVMF), reporting that it has now received acceptances for 47.36% of Musgrave shares.
Under the terms of the offer, Musgrave shareholders will receive one Ramelius share for every 4.21 Musgrave shares held, plus $0.04 in cash for every Musgrave share held.
Having received no superior proposal, Musgrave directors unanimously recommend that shareholders accept the offer “without delay”, and confirm that they have accepted the offer for all shares they own or control.
To provide Musgrave shareholders with more time to consider the offer, the offer period has been extended from August 18 to 7pm (Sydney time) on September 15. Ramelius has confirmed that this is its best and final offer and it will not be increased unless there is a competing proposal.
Should Ramelius achieve a 50.1% relevant interest in Musgrave, the takeover will see the addition of Musgrave’s Cue Project to its project portfolio. The project, in the richly endowed Murchison province, has a 12.3 million tonnes resource grading 2.3 g/t for 927,000 ounces gold, that will provide additional scale through regional consolidation with Ramelius’ Mt Magnet processing facility, which lies 35 kilometres to the south.