Further to MC Mining’s Independent Board Committee last week recommending that shareholders not accept a takeover offer from Goldway Capital Investment, MC Mining has released its formal target statement in response to the offer.

In the statement, the IBC reiterates its concerns that the A$0.16 apiece takeover offer for all shares Goldway does not own is opportunistic and does not provide an appropriate premium for control.

It also does not appear to be value-adding for MC Mining’s assets and projects, the IBC states.

The IBC has commissioned an independent expert’s report, which is being prepared by BDO Corporate Finance and SRK Consulting Australasia, as independent technical specialists.

MC Mining expects the report will be finalised by March 18.

The Goldway offer will remain open until April 5, unless it is extended or withdrawn by the company.