The Australian mining group Consolidated Minerals Limited (ConsMin) has announced the receipt of a takeover bid from Palmary Enterprises Limited (Palmary), a company controlled by the Ukrainian investment company Privat Group (Privat).
As per ConsMin's official release, Palmary has submitted a cash takeover offer for all ConsMin shares at a price of AUD 3.95 (USD 3.25) per share. The BoD of ConsMin said it will advise the company's shareholders upon the completion of its evaluation of the offer.
Palmary's offer has come as a surprise to the other bidders for ConsMin, in particular to Territory Resources (Territory), which has been seeking to acquire ConsMin for some time. In addition, since Palmary's offer is 22.6 percent higher compared to Territory's offer, the probability of acceptance by ConsMin's BoD appears higher.