Mineral sands producer Base Resources (ASX:BSE, AIM:BSE) has launched an off-market takeover offer for World Titanium Resources (ASX:WTR).
The offer is supported by World Titanium’s largest institutional shareholder, JP Morgan Asset Management (UK) Limited who holds 7.7%, while also entering into a pre-bid acceptance agreement with Base.
The offer is 1 Base ordinary share for every 5 World Titanium ordinary shares.
On the basis of the 1, 3 and 6 month volume weighted average prices of the shares traded in both companies on the ASX, the offer represents premiums of 118%, 98% and 56% respectively.
Conditions of the offer include:
- 40% minimum acceptance;
- World Titanium conducting its business in the ordinary course; and
- no “prescribed occurrences” happening.
In the offer is successful, Base will secure the Toliara Sands Project in Madagascar to complement its Kwale Project in Kenya.
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Last
27.5¢ |
Change
0.000(0.00%) |
Mkt cap ! $323.9M | |||
| Open | High | Low | Value | Volume |
| 27.0¢ | 27.5¢ | 27.0¢ | $458.1K | 1.673M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 2 | 48564 | 27.0¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 27.5¢ | 543873 | 4 |
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| Last trade - 16.10pm 21/06/2024 (20 minute delay) ? |
| BSE (ASX) Chart |