Fenix Resources (ASX:FEX) decided not to exercise its matching right under the bid implementation agreement (BIA) for its takeover offer for CZR Resources (ASX:CZR), according to a Thursday filing with the Australian bourse.
The company's decision follows CZR's receipt of a proposal from Robe River Iron Associates joint venture, which CZR's board has determined to be more favourable and superior, under the BIA terms, the filing said.
After careful evaluation, Fenix chose not to amend its all-scrip offer, leaving it open until April 29. If the offer is not finalized by then, it will be automatically void, the filing added.
Fenix Resources' shares added about 2% at market close Thursday.
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