CZR Resources' (ASX:CZR) board continues to recommend shareholders to accept the increased offer consideration of 0.98 Fenix Resources (ASX:FEX) shares for every CZR share held at an implied value of AU$0.30 per share, according to a Thursday Australian bourse filing.
The board's decision follows the receipt of a confidential, non-binding, and conditional takeover proposal from Gold Valley Iron Ore at AU$0.31 cash per CZR share, the filing said.
CZR's board concluded that the terms from the Gold Valley Iron Ore proposal do not currently represent a superior proposal, the filing added.
Fenix must obtain a 75% relevant interest in the company's shares on or before Friday.
Shares of Fenix Resources rose nearly 3% in recent Thursday trade, while CZR Resources' shares surged past 10%.
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