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Yesterday shares in Territory Resources Ltd (ASX:TTY) surged more than 50 per cent after the Northern Territory focused iron ore miner backed a $123 million takeover offer from one of South Africa's largest coal miners, Exxaro Resources.

Exxaro has offered Territory $0.46 cash per share, a 64 percent premium to the miner's last closing price prior to the announcement.

Following the completion of due diligence both companies have now executed a bid implementation agreement.

As part of the deal Territory has also ceased talks with Noble Group in regards to a potential agreement for debt conversion with a share placement option.



Yesterday shares in Territory Resources surged 58.93 per cent, gaining $0.165 to end the day at $0.445. 

In the first six months of its 2011 financial year, Territory Resources reported a net profit of $9.9 million.