Chinese withdraws offer for Kalahari
- Publishing Date
- 11 May 2011 10:52am GMT
- Author
- Mining Journal
China Guangdong Nuclear Power Group Co (CGNPC) has dropped a possible new takeover offer for Kalahari Minerals plc after the UK takeover panel didn’t allow it to reduce a previous bid.
The two parties last week agreed on a new offer that valued the uranium miner at £2.70/share (US$4.45/share), down from the previous US$2.90/share bid.
However, the companies were not able to persuade the panel to allow the lower bid as this provision was not part of the March 7 implementation scheme for the takeover.
CGNPC said it may still make another offer if a third party makes a bid for the AIM-listed company, or if Kalahari reduces its stake in Australia’s Extract Resources Ltd.
Kalahari currently owns a 43% stake in Extract, which has plummeted in value since the Japanese nuclear crisis and fell a further 4% in today’s trading on the ASX.
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