Nov 3 (Reuters) - Australia's Tietto Minerals (TIE) said on Friday that a takeover offer by a unit of Zhaojin Mining Industry 1818.HK to buy all shares that it does not already own, "materially undervalues" the company.
The gold explorer said it unanimously recommends shareholders not accept the A$629 million ($404.57 million) offer by Zhaojin Capital.
($1 = 1.5547 Australian dollars)
News: TIE Australia's Tietto Minerals says takeover offer 'materially undervalues' co
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