Territory Resources has abandoned its on-market takeover bid for Olympia Resources, falling well short of the 90 per cent benchmark set for the bid.
Territory told the stock exchange that, when the bid closed at 1900 AEST Saturday, April 26, it held a relevant interest in 100,572,910 Olympia shares representing voting power in Olympia of 64.76 per cent of Olympia.
"As Territory and its associates have acquired a relevant interest in less than 90 per cent of the ordinary shares on issue in Olympia, compulsory acquisition will not be proceeding," Territory said
TTY Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
