Xanadu board recommends Bastion takeover offer
ASX- and TSX-listed Xanadu Mines has lodged its target’s statement with the Australian Securities and Investments Commission (ASIC), recommending shareholders accept the offmarket takeover offer from Bastion Mining.
The board’s takeover committee, excluding directors Ganbayar Lkhagvasuren and Zijin Mining representative Shaoyang Shen, has unanimously recommended that shareholders accept the Bastion offer, in the absence of a superior proposal and subject to the independent expert continuing to find the offer fair and reasonable.
Bastion and Xanadu have both lodged their respective bidder’s and target’s statements with ASIC and the ASX. These documents, along with the independent expert’s report, are being dispatched to Xanadu shareholders.
Xanadu is an exploration company operating in Mongolia, with a focus on large-scale copper/gold discoveries. Its flagship Kharmagtai project is a 50:50 joint venture with Zijin Mining.
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