Xanadu Mines Limited (ASX:XAM) Receives $0.08 Cash Takeover Offer from Bastion Mining
Takeover Offer Details
Bastion Mining Pte. Ltd. has proposed a takeover offer to acquire all of the fully paid ordinary shares in Xanadu Mines Limited (ASX:XAM) for $0.08 cash per share. This offer represents a 57% premium over Xanadu’s last closing price on the ASX of $0.051 per share.
Financial Performance
Xanadu Mines Limited reported a net loss after income tax and losses for non-controlling interest of $(2,515,000) for the full year ended 31 December 2024, compared to a profit of $4,583,000 in the prior period.
Offer Recommendation
All Independent Xanadu Directors have unanimously recommended that shareholders accept the takeover offer in the absence of a superior proposal and subject to the conclusion of an independent expert that the offer is fair and reasonable.
Bidder’s Intentions
If Bastion Mining acquires more than 50% but less than 90% of Xanadu Shares, it intends to conduct a strategic and operational review, support the Kharmagtai Project, and may seek to delist Xanadu from the ASX and TSX. If Bastion acquires more than 90% of the shares, it plans to proceed with compulsory acquisition of the remaining shares.
Motley Fool contributor Kiarra Jackson has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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