From *Apollo Consolidated (ASX:AOP) shareholders hoping for a takeover battle between suitors Gold Road Resources (ASX:GOR) and Ramelius Resources (ASX:RMS) are set to be disappointed.
The game of oneupmanship lasted just a couple rounds as Gold Road today announced it would not lift its 56c a share all cash offer for the target company.
Apollo, which owns the 1.1Moz Lake Rebecca gold project about 100km east of Kalgoorlie, entered play last month when Ramelius lobbed a 56c a share bid consisting of 34c a share in cash plus stock in the Edna May gold mine owner.
Gold Road cut in with the $166 million all cash offer and a 19.9% stake that blocked Ramelius’ bid by making its 90% acceptance condition impossible to achieve.
But Ramelius and MD Mark Zeptner have played Knifey-Spooney before and last week revised their offer to 62c a share, increasing the scrip component of the bid to value Apollo at $181 million.
Gold Road, which owns half of the 300,000ozpa Gruyere gold mine in WA, has said ‘yeah, nah’, leaving its original bid on the table but declining to improve its offer.
That saw Apollo shares dip by almost 5% this morning.
Ann: GOR: Update on Gold Road's Offer for Apollo Consolidated, page-16
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