LONDON (Thomson Financial) - Consolidated Minerals Ltd said Palmary Enterprises intends to revise its cash offer for the company to 4.50 per share from 3.95 per share in reply to Pallinghurst's increased offer of 4.10 per share.
Palmary will increase its offer price provided CSM board unanimously recommends it by 12 noon on Sept 13, 2007 and enters into an arrangement with them for break fee by 10 am on Sept 17.
Palmary believes that Pallinghurst's offer is unfair and that its top-up offer is simply an attempt to prevent CSM shares being sold to the highest bidder.
CSM
cosmo gold limited
new palmary bid 4.50 coming
Currently unlisted. Proposed listing date: TBA
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