Aurum Resources (ASX:AUE) and Mako Gold (ASX:MKG) entered a bid implementation agreement in which Aurum will acquire Mako for AU$0.018 per share through an off-market takeover bid, according to a Wednesday filing with the Australian bourse.
Aurum is offering one share for every 25.1 Mako shares, one share for every 170 class A options, and one share for every 248 class B options, the filing said. The offer represents a 112% premium to Mako shares' volume-weighted average price.
The Mako board unanimously recommends that shareholders accept the offer in the absence of a superior proposal.
The offer is expected to close on Nov. 25 unless extended, the filing said.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.