One of the AIM market’s perennial takeover targets, Caledon Resources (LON:CDN, ASX:CCD) told investors that it is no longer in an offer period, after an unsolicited and ‘very early stage’ 68p per share offer for the company was withdrawn.
After merger talks broke down with Polo Resources (LON:POL) in June, the company had attracted a number of alternative proposals, which included in the 68p offer. In July, Caledon rejected the unsolicited approach describing it as “highly conditional and significantly undervalues the company and as such will not be supported”.
The company has rarely been out of the M&A spotlight recently. The Polo deal was the most recent, when the companies initially agreed in principle back in April.
The negotiations hit a stumbling block in June however, and the companies announced a joint decision to terminate discussions, saying that “due primarily to recent market volatility, the parties have been unable to reach mutually agreeable terms”.
http://www.proactiveinvestors.co.uk/companies/news/20087/caledon-resources-no-longer-under-offer-unsolicited-undervalued-approach-withdrawn-20087.html
Proactiveinvestors is a leading multi-media news organisation, investor portal and events management business with offices in New York, Sydney, Toronto, Frankfurt and London.
No comments:
Post a Comment