The independent directors of Stunalara Metals recommended that its shareholders accept the off-market bid by Inca Minerals (ASX:ICG), saying the offer is not fair but reasonable, according to a Tuesday Australian bourse filing.
Stunalara shareholders are being offered around 6.45 new Inca shares for every Stunalara share they hold.
If Inca acquires a 100% stake in Stunalara, Stunalara shareholders will together hold around 22.6% of the combined firm.
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