News: Bullabulling Gold directors reject revised Norton Gold Fields offer

Bullabulling Gold’s (ASX:BAB, LON:BGL) directors have rejected Norton Gold Field’s (ASX:NGF) revised takeover offer as "inadequate and opportunistic".

Norton, which is majority owned by Chinese firm Zijin, has raised its offer to 8c cash per share from 7c but only if it achieves a 30% relevant interest by Monday 30 June. Norton stated recently it had a relevant interest of 17.3%.

Bullabulling's statement said the board unanimously recommends that shareholders reject the offer adding that the conditional increased offer price is Norton's best and final offer and will not be raised further.

“In the face of an offer which they consider inadequate, which is now final on price and presents less of a distraction to management, the directors will continue in their endeavours to do all that is necessary to complete the Bullabulling definitive feasibility study for the benefit of all shareholders,” said Bullabulling directors.

The offer now closes on Wednesday 16 July in the absence of a further extension.