19th Mar 2024 14:30
(Alliance News) - Shanta Gold Ltd on Tuesday received an "increased and final" takeover offer from Saturn Resources Ltd.
The East Africa-focused gold producer and Saturn, a subsidiary of ETC Holdings (Mauritius) Ltd, announced on December 20 their agreement on Saturn's acquisition of Shanta for 13.5 pence per share.
On Tuesday, however, Saturn announced the "increased and final offer" under which Shanta shareholders will be entitled to 14.85p per share.
Shares in Shanta Gold were trading 4.4% higher at 14.51 pence in London on Tuesday afternoon.
The increased offer represents a 10% increase on the original, and values Shanta Gold at approximately GBP156.1 million.
The new offer price also represents a 17% premium on Shanta's closing price of 12.65p per share on December 19, the day before the original offer was announced.
By Emma Curzon, Alliance News reporter
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