Patronus Resources (ASX:PTN) launched an unsolicited on-market takeover bid for Matsa Resources (ASX:MAT) at a price of AU$0.045 per share in cash, according to a Monday filing with the Australian bourse.
Broker Euroz Hartleys is making the offer available to Matsa Resources shareholders until March 24, unless extended or withdrawn.
Patronus Resources currently owns 2.79% of all Matsa Resources shares on issue. The company and its associates have a 19.57% interest in Matsa Resources combined.
In a separate filing, Matsa Resources told shareholders to take no action while the directors assess the offer. A target statement is expected to be released in the coming weeks, per the filing.
Matsa Resources' shares climbed nearly 12% in recent Monday trade.
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