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CZR Resources (ASX:CZR) has told its shareholders on Wednesday to do what “they see fit” with CZR shares, as Fenix Resources’ (ASX:FEX) takeover offer for the former lapses.
Fenix, a small WA iron ore player (compared to the majors) had in February shown some interest in taking over CZR, which would have offered the latter’s shareholders some upside.
However, according to CZR:
“The Fenix Offer [that] closed at 7:00pm (AEST) on 29 April 2025 … was subject to various defeating conditions, including a minimum acceptance of 75% of all CZR Shares on issue,” the company wrote.
“As at the Closing Date, those conditions had not been satisfied and accordingly, the Fenix Offer has lapsed.”
Perhaps speaking to the point, CZR Resources last month appeared that it was more interested in a $75M deal with Robe River – 60% owned by Rio Tinto and 40% Mitsui – which would give those two companies CZR’s interest in the Robe Mesa Iron Ore Project.
On the same day, Fenix said it was not going to provide any counter proposals to CZR.
CZR last traded at 27cps.
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