The Australian mining group Consolidated Minerals Limited (ConMins) has announced that its Board of Directors has recommended to its shareholders that they accept a AUD 3.95 (USD 3.25) per share cash offer received from Palmary Enterprises Limited (Palmary), a company controlled by the Ukrainian investment company Privat Group (Privat).
Consequently, ConMins has withdrawn its previous recommendation of Pallinghurst Consortium's offer and has rejected Territory Resources' offer.
Although Palmary ’s offer will not be subject to a minimum acceptance condition, it will still be subject to other conditions as outlined in Palmary's original offer.