Canyon Resources Says A2MP Investments Declares Takeover Offer Price Best, Final; Shares Down 4%

MT Newswires Live

Sep 11

Canyon Resources (ASX:CAY) said A2MP Investments declared that the offer price under its takeover bid of AU$0.05 per Canyon Resources share is best and final and will not be increased in the absence of a competing proposal, according to a Friday Australian bourse filing.

The takeover bid closes on Sept. 21 and will not be extended, unless required by operation of law, A2MP added. A2MP, together with its associates, remains Canyon's largest shareholder, holding a 56.63% stake in Canyon, based on acceptances received.

A2MP determined that it would not waive the defeating conditions, per the filing. It was restrained from declaring the offer free from any defeating conditions due to interim orders made by the Takeovers Panel.

The resource development company's shares were down 4% in recent Friday trade.

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