Watch our for ConsMin Chairman D. Carter, he has an agenda it's...

Watch our for ConsMin Chairman D. Carter, he has an agenda it's not in ConsMin shareholders interests.

TAKEOVER target Consolidated Minerals Ltd today reaffirmed its board's recommendation for a revised bid for the company by Pallinghurst Resources Ltd.

The company also said that a "third party", which made an indicative and incomplete approach on August 20, had not yet stated its intentions despite enquires by ConsMin.

"This third party was granted due diligence access to ConsMin but has still not indicated to ConsMin whether or not it intends to proceed to make an offer for ConsMin following that due diligence process," ConsMin said.

"The board of ConsMin has not received any other offer for ConsMin that it considers to be superior to the revised Pallinghurst offer and there is no certainty that any superior offer will be received."

The mystery party is believed to be Norwegian ferro-alloys producer Tinfos, although this has not been confirmed.

ConsMin also advised shareholders to take no action in relation to an offer from Palmary Enterprises Ltd, which was trumped by the increased Pallinghurst bid.

It also said shareholders should not accept an earlier bid from Territory Resources Ltd.
Pallinghurst last week increased its offer for ConsMin to $4.10 a share, valuing it at $946.7 million, from $3.60 a share.

The offer was recommended unanimously by ConsMin's board after it bettered the Belize-based Palmary's bid of $3.95 per share bid, which valued ConsMin at $902.4 million.

ConsMin share rose one cent to close at $4.32 today, above Pallinghurst's offer price.

Sources close to Palmary have hinted that its offer for ConsMin might not be the last.

"Consolidated Minerals' shareholders should be wary of following the chairman in accepting so early," the sources said.

"Shareholders should wait for Palmary to indicate its position."

Palmary is controlled by Ukrainian billionaire Gennadiy Bogolyubov, a backer of conglomerate Privat Group, which partly owns the world's second largest ferro-alloy producer, Nikopol.

ConsMin's cash cow is the Woodie Woodie manganese operation in Western Australia's Pilbara region.