Read the last line from Proactive InvestorsDiscovery Metals...

Read the last line from Proactive Investors

Discovery Metals (ASX:DMK) could to see a further change of control offer, following its canvassing of bids in May the company disclosed today.

The company’s largest shareholder, Cathay Fortune Corporation (CFC) which owns 13.7% of Discovery Metals declined to participate in an earlier equity raising, preferring that the company be sold via a competitive process in which it would participate.

At the same time and subsequently, the company received interest in a range of corporate transactions from other parties.

The process was expected to take approximately 4 weeks from May, with a closing date for receipt of binding proposals of no later than 10 June 2013.

Subsequent to its announcement that it believed the company should be sold, CFC has sent a new proposal which may result in a new takeover offer.

The price range proposed by CFC is $0.35-$0.40 per share. Current Discovery Metals share price is $0.17.

In subsequent correspondence, CFC has confirmed that, if it does make an offer, the offer will not be less than $0.35 per share.

http://www.proactiveinvestors.com.au/companies/news/44326/discovery-metals-to-provide-update-on-change-of-control-transaction-44326.html