Corvette Resources (ASX: COV) has advised its shareholders to take no initial response to an intended takeover offer frm Cape Lambert Iron (ASX: CFE).
Cape Lambert indicated it would make an off-market all scrip bid for Corvette Resources. CFE currently holds a 19.9% stake in Corvette Resources. Cape Lambert inherited the stake in Corvette when it acquired the assets of CopperCo Limited.
Corvette said the announcement by Cape Lambert had not advised of the number or part thereof of Cape Lambert shares for each Corvette share.
A separate committee of independent directors of Corvette, comprising Corvette's Managing Director, Pat McManus and Chairman, Mr John Moore will be established to consider and provide their recommendations in relation to Cape Lambert's takeover offer.
Cape Lambert has announced that it will lodge its Bidder's Statement with the Australian Securities & Investments Commission shortly. The independent directors of Corvette will carefully consider that documentation before providing a formal response.
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