Bullseye Mining is mulling two takeover offers after shareholder Au Xingao tabled a $155 million cash offer for the target, competing with an existing scrip proposition from fellow shareholder Emerald Resources.
Au Xingao, which is an Australian subsidiary of Chinese real estate company Xinhu Zhongbao, announced its intentions to make an offer 31 cents per share for private mining company Bullseye last week.
That offer price increases to 35 cents if due dilligence and the 40 per cent minimum acceptance conditions are satisfied.
The offer followed an all-scrip offer lobbed by ASX-listed Emerald Resources in December 2021, which valued the target at about $117 million.
Related Au Xingao entity, Hongkong Xinhe International Investment Company, referred the proposal to the takeover panel on January 10.
The panel made a declaration on February 7 that there were “material information deficiencies in Bullseye’s target statement”, a decision Au Xingao said it welcomed in a statement released today.
More to come.
