News: Base Resources launches takeover offer for World Titanium Resources

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.