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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Panaust Fpo | ASX:PNA | Australian Stock Exchange | Ordinary Share |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.00 | - |
From May 2019 to May 2024
SYDNEY--PanAust Ltd. (PNA.AU), a gold and silver miner, said Tuesday it received a takeover bid from China's Guangdong Rising Assets Management valuing it at around 1.46 billion Australian dollars (US$1.37 billion).
Guangdong Rising, which already owns 23% of the Australian miner, offered A$2.30 for all of the PanAust shares it doesn't already own.
Although the bid is higher than a previous undisclosed offer made in April by Guangdong Rising of A$2.20, PanAust said it remains "materially below" what it would be prepared to recommend to shareholders.
PanAust has allowed Guandong to access its books, potentially encouraging a higher offer. In early trade in Sydney, PanAust shares had jumped 32% to A$2.08.
The Brisbane-based company owns two operational mines in Laos and has prospects in Chile and Papua New Guinea, where it agreed last year to buy Glencore Xstrata PLC's (GLEN.LN) controlling stake in the Frieda River copper and gold project.
Write to Ross Kelly at ross.kelly@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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