Strike makes and withdraws offer for Talon
PERTH (miningweekly.com) – ASX-listed Talon Energy on Tuesday confirmed that it had been approached by fellow-listed Strike Energy with a non-binding and indicative takeover offer, but that this offer had subsequently been revoked.
Talon said that the company had, on July 19, received an unsolicited, confidential and non-binding indicative proposal from Strike proposing the demerger of Talon’s Mongolian assets to its existing shareholder and the acquisition of Talon by way of a scheme of arrangement.
Under the terms of the unsolicited offer, Talon shareholders would have received 0.4586 Strike shares for every Talon share held, representing a 10.8% interest in the merged group, as well as an ownership interest in Talon’s Mongolian assets.
By July 23, Talon wrote to Strike advising that it would undertake a process of evaluation of the proposal, having appointed advisers, and that it would be in a position to respond to a request for due diligence access within a week.
However, Strike subsequently withdrew its unsolicited proposal.
Talon shares were trading more than 4% higher on Tuesday, with the company’s shares trading at 18.2c each.
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