- Altamin (AZI) tells shareholders to “take no action” regarding a $37.2 million takeover offer from its largest shareholder, VBS Exchange
- VBS is offering to buy all remaining Altamin shares it does not already own for 9.5 cents each through an off-market takeover deal.
- Altamin says it will need to consider the unsolicited offer before it makes a formal recommendation to its shareholders.
- The company will release a target’s statement in early June and has told shareholders to wait until they receive the document before voting
- Altamin shares are surging above the VBS offer price in early trading action, up 38.89 per cent to 10 cents each at 10:09 am AEST
Altamin (AZI) has told shareholders to “take no action” regarding a $37.2 million unsolicited takeover bid from its largest shareholder, VBS Exchange.
VBS has offered to buy all remaining Altamin shares it does not already own for 9.5 cents each through an off-market takeover deal.
The offer price is a 14 per cent premium to Altamin’s two-month volume-weighted average price of 8.3 cents per share.
VBS is part of the Victor Smorgon Group and, as Altamin’s largest shareholder, holds a voting power of 19.73 per cent.
Altamin said it would need to consider the bid before making a formal recommendation to shareholders.
The VBS takeover offer is expected to open in mid-May and will be open for at least a month.
“There is, therefore, no urgency to take action at this time,” Altamin said.
Altamin said it would release a target’s statement in early June and has told shareholders to wait until they receive the document before voting on the VBS takeover.
The company has mineral projects in Italy including the Gorno zinc project and a suite of EV metals projects such as the Punta Corna cobalt project.
Altamin shares have surged to above the VBS offer price in early trading action, up 38.89 per cent to 10 cents each at 10:09 am AEST.