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Highlights
- Musgrave Minerals (ASX:MGV) has noted that Westgold Resources Limited’s offer has closed and lapsed.
- MGV directors have accepted Ramelius’ takeover offer for all shares they have.
- The company’s directors unanimously recommend to accept the Ramelius offer in the absence of a superior proposal.
Australia-based gold exploration player Musgrave Minerals Limited (ASX: MGV) acknowledges that the Westgold Resources Limited’s takeover offer, for acquisition of all fully paid ordinary shares in Musgrave closed and lapsed on 24 July 2023. This is because the conditions listed under the offer were not fulfilled. Therefore, all acceptances under the Westgold offer stand void. Going forth, the Musgrave shareholders may deal with their MGV shares in case they previously accepted into the Westgold offer.
In the latest announcement, Musgrave also reported that its directors have accepted the acquisition offer from Ramelius Resources Limited (ASX:RMS) ofor all the MGV shares they own or control.
The Directors of Musgrave have been persistent in unanimously recommending the company’s shareholders to accept the takeover offer from RM) (if there isn’t any superior proposal).
Consequently, Ramelius would be able to acquire all the issued ordinary shares of Musgrave through a cash and scrip off-market takeover offer. As per the Ramelius offer, Musgrave shareholders will receive one Ramelius share for every 4.21 MGV shares held and AU$0.04 in cash for every MGV share held.
The Ramelius offer will be closing on 18 August 2023, if it is not given an extension or gets withdrawn by Ramelius. The firm has received acceptances of 17.71% since the offer was opened on 13 July 2023.
The company’s stock was spotted trading in green at AU$0.34, approximately 1.49% higher from the last closing price, at the time of writing on 26 July 2023. The company has a market cap of over AU$198 million.
