Sierra Rutile Holdings Limited (AU:SRX) has released an update.
Sierra Rutile Holdings Limited has agreed to a takeover offer from Gemcorp, with a bid of A$0.16 per share, marking a substantial 28.3% premium over the company’s 3-month average share price. The deal values the company at A$67.9 million and has been unanimously recommended by SRX’s directors, who urge shareholders to accept the cash offer unless a superior proposal emerges. This offer significantly outpaces a prior bid by PRM Services LLC, offering shareholders a lucrative exit with a 68.4% premium over PRM’s proposal.
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