Ukrainian-based mining investment company Palmary Enterprises Ltd is a step closer to gaining control of Consolidated Minerals Ltd, breaching the 90 per cent takeover threshold today.
Ukrainian-based mining investment company Palmary Enterprises Ltd has edged closer to gaining control of Consolidated Minerals Ltd, lifting its stake in the manganese miner from 37.7 per cent to 49.75 per cent today.
Takeover target Consolidated Minerals Ltd has backed an improved $1.08 billion offer from Palmary Enterprises Ltd, while also advising shareholders that its high stock price is ripe for short term profit-taking.
Palmary Enterprises has stated categorically that it does not have an interest in a mystery 16 per cent shareholding in takeover target Consolidated Minerals Ltd, nor does its president Gennadiy Bogolyubov or his business associate Igor Kolomoisky.
Ukrainian group Palmary Enterprises Ltd has denied having an interest in a mystery 8.1 per cent stake in takeover target Consolidated Minerals Ltd, which has been linked in press reports to a business partner of Palmary president Gennadiy Bogolyubov.
Consolidated Minerals Ltd bidder Palmary Enterprises Ltd has taken rival bidder Pallinghurst Resources Australia Ltd to the Takeovers Panel in the latest twist in the long-running takeover battle.
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 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.
