The board of Consolidated Minerals Ltd has recommended its shareholders accept an increased $4.50 per share offer from Ukraine-based Palmary Enterprises Ltd, turning its back on Brian Gilbertson's Pallinghurst Resources Australia Ltd.
The long-running takeover battle for Consolidated Minerals Ltd has taken another unexpected turn after Brian Gilbertson's Pallinghurst consortium lifted its offer to $4.10 per share and vowed to match any increased offer lodged in the next three weeks.
The board of Consolidated Minerals Ltd has recommended Palmary Enterprises Ltd's $902 million all-cash takeover bid for the company, withdrawing its favourable recommendation for the Pallinghurst bid.
