Diatreme Resources Limited (AU:DRX) has released an update.
Diatreme Resources Limited has made an unconditional off-market takeover bid for Metallica Minerals Limited, acquiring a 57.34% voting share, and Metallica’s directors urge shareholders to reject the offer. Despite the bid being unconditional, Metallica’s board considers it unlikely that an alternative proposal will emerge, noting that a significant shareholder group is resistant to the offer without improved terms. Metallica also alerts shareholders that Diatreme intends to nominate a majority of new directors should their takeover succeed, without disclosing nominee identities or conflict of interest protocols.
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