BUZZ-Australia's CZR Resources hits more than 7-month high on takeover bid

Reuters

03-20

BUZZ-Australia's CZR Resources hits more than 7-month high on takeover bid

** CZR Resources CZR.AX soars as much as 15.6% to A$0.285, highest since August 7, 2024

** Diversified miner gets non-binding takeover proposal from Gold Valley Iron Ore to buy all CZR shares at A$0.31, a 26.5% premium to last close

** However, co's board continues to recommend Fenix Resources' FEX.AX offer of 0.85 Fenix shares for every CZR share at an implied value of $0.262 per CZR share

** About 3 mln shares traded, 5.4x the 30-day avg

** CZR last up 12.2%, extends YTD gains to ~31%

(Reporting by Manasi Dasa in Bengaluru)

((Manasi.DasaSundeep@thomsonreuters.com;))

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