Fenix Resources (ASX:FEX) entered into a bid implementation agreement with CZR Resources (ASX:CZR), allowing the company to make an all-scrip off-market takeover offer to acquire up to 100% of the issued shares in CZR, according to a Tuesday filing with the Australian bourse.

CZR shareholders will receive 0.85 company shares for every CZR share at an implied value of AU$0.26 apiece, increasing to 0.98 company shares for every CZR share held at an implied value of AU$0.30 apiece if the company acquires a 75% relevant interest on or before March 21, the filing said.

CZR directors unanimously recommended that all shareholders accept the company's offer in the absence of a superior proposal, according to the filing.

Fenix shares fell past 8% in midday trade Tuesday, while CZR shares rose 4%.