Astral Resources (ASX:AAR) has dispatched the bidder’s statement for its off-market takeover bid for Maximus Resources (ASX:MXR).
Maximus has unanimously recommended shareholders accept the offer, in the absence of a superior proposal.
The offer opened on Wednesday (5 February) and is scheduled to close on Friday 7 March 2025 unless extended or withdrawn.
As Mining.com.au previously reported, Astral entered into a bid implementation deed to takeover Maximus Resources in an all-scrip off-market transaction.
Astral has retained Taylor Collison as financial advisor and Thomson Geer as legal advisor. Maximus has appointed EMK Lawyers as its legal advisor.
Once complete, the deal is expected to give Astral a market capitalisation of around $200 million and a 1.8 million ounce combined gold mineral resource.
Under the offer, Maximus shareholders will receive one Astral share for every two shares held, implying a price of $0.073 per Maximus share based on Astral’s five-day volume weighted average price up to and including 31 January.
The implied offer price represents a 61% premium to Maximus’ last closing price of $0.045 on 24 December 2024.
Write to Adam Orlando at Mining.com.au
Images: Maximus
