Crescent Gold: Focus Minerals now holds 19.1% as shareholders accept takeover
Crescent Gold (ASX: CRE, TSX: CRA) shareholders have started to accept the Focus Minerals (ASX: FML) off-market takeover offer, with Focus now holding 19.1% of Crescent.
All of the Crescent directors have provided acceptances.
Focus is offering one share for every 1.18 Crescent shares in the offer, which is conditional on a minimum acceptance of 90%.
The offer represents a 30.5% premium.
Focus has received a pre bid agreement in favour of Focus for 19.9% of Crescent from Deutsche Bank group.
In addition, Deutsche Bank has stated an intention to accept the offer for the balance of its holding, approximately 9.24% of Crescent shares, in the absence of a superior proposal.
The merger will make Focus one of Australia’s top five gold producers with a 230,000 ounce production target in 2012 from multiple open pit and underground operations.
The combined group will have a JORC Resource inventory of 4.3 million ounces of gold.