rival bids could be coming, hold on a minute!

On the wires just now.

DJ PanAust May Invite Rival Takeover Bids, Says CEO -- Market Talk PNA.AX PNAJF.PK
0508 GMT (Dow Jones) PanAust (PNA.AU) says other groups may be eyeing the gold and copper miner, and that it could approach them directly to create a bid battle with China's Guangdong Rising Assets Management. "We think there are other groups that would be interested," PanAust CEO Gary Stafford said in a interview. Guangdong, which already owns 23% of PanAust, has bid A$2.30 for the remaining shares to value the company at 1.46 billion Australian dollars ( US$1.37 billion). PanAust rejected that offer, but has allowed Gunagdong access to its books. Mr. Stafford wouldn't say whether PanAust has received other bid approaches, but said management often talks to companies that have shown an interest in its assets. "Those groups and other potential bidders are on a list that we'd seek to engage with," Mr. Stafford said. "We know the groups to approach to add competitive tension, so it's up to Guangdong to put their best foot forward and put up a better price." PanAust shares rose on Stafford's remarks and are up 34% to A$2.11 for the day. ([email protected])
(END) Dow Jones Newswires