UPDATED Friday May 8, 2015: Copper miner PanAust (PNA) has reportedly accepted an increased takeover offer of $1.85 a share from major shareholder GRAM.
Fairfax reports that the new bid, which compares with GRAM's previous offer of $1.71-a-share, will be recommended by PanAust's board.
The independent expert valued PanAust in a range of $1.84 to $2.04 a share and GRAM was widely expected to come back with an offer within that range.Fairfax reports that the new bid, which compares with GRAM's previous offer of $1.71-a-share, will be recommended by PanAust's board.
PanAust said this morning that it was "in discussions with GRAM in relation to the bid" and wanted a trading halt in place "until it could provide an update to the market".
GRAM is expected to say on Monday that the latest offer is its last - but it would say that, wouldn't it.