Ramelius Resources says it intends to accept Avoca Resources' takeover offer for Dioro Exploration, a miner it had recently set its acquisition sights on.
Takeover target Dioro Exploration has recommended shareholders reject Ramelius Resources' offer, paving the way for rival bidder Avoca Resources to gain control.
Dioro Exploration shareholders have been advised to take no action after gold producer Avoca Resources sweetened its takeover offer on December 29 with a new offer valued at $115 million.
Ramelius Resources' takeover bid for Dioro Exploration is gaining momentum with the Adelaide-based company boosting its shareholding by more than 9 per cent and extending the offer by three weeks.
Ramelius Resources has declared its takeover offer for Dioro Exploration unconditional after receiving the green-light from the Foreign Investment Review Board.
Avoca Resources has appointed three of its board members, including managing director Rohan Williams, to the board of 44.85 per cent owned company, Dioro Exploration.
Ramelius Resources is pressing ahead with its takeover offer for WA goldfields neighbour Dioro Exploration, even though Avoca Resources has snared 44 per cent of Dioro..
Gold producer, Avoca Resources managed to raise its stake in takeover target Dioro Exploration to more than 44 per cent by the close of business yesterday, ending the four-month acquisition proposal.
Gold producer, Avoca Resources may have secured a victory in the final hours of its bid for Goldfields miner Dioro Exploration, raising its stake in Dioro to just over 36 per cent after a UK fund manager relinquished its hefty interest in the miner.
Shares in Dioro Exploration have surged as it urges shareholders take no action on Ramelius Resources' $92 million all-scrip takeover bid, a higher offer to Avoca Resources' recommended proposal.
Avoca Resources' recommended takeover offer for Dioro Exploration has been trumped by Adelaide-based Ramelius Resources, which today launched a superior $92 million all-scrip offer for the gold miner.
Dioro Exploration has capitulated to Avoca Resources' hostile $68 million takeover after the fellow gold miner increased its bid and a rival deal with a Canadian miner fell through.
Dioro Exploration's defence against Avoca Resources' hostile takeover bid has collapsed after its white knight, Northgate Minerals Corporation, terminated talks over the proposed acquisition of Dioro's stake in a key gold asset.
Shares in takeover target Dioro Exploration have been placed in a trading halt ahead of an announcement regarding a Canadian company's proposal to buy it's flagship asset while hostile suitor Avoca Resources extends its takeover offer again.
Takeover target Dioro Exploration says it has received a proposal from Canada's Northgate Minerals Corporation for the purchase of its 49 per cent stake in the Frog's Leg gold mine.
Dioro Exploration major shareholder Baker Steel Capital Manager has increased its stake in the takeover target, which is expecting an offer from a Canadian company to trump the hostile Avoca Resources bid.
Takeover target Dioro Exploration says it is in advanced discussions with Canadian copper and gold miner Northgate Minerals Corporation as original suitor Avoca Resources extends its $68.5 million offer.
