CZR Resources (ASX:CZR) said that Fenix Resources' (ASX:FEX) off-market takeover bid to acquire all of the fully paid ordinary shares in CZR lapsed because certain conditions were not satisfied by the closing date, according to a Wednesday Australian bourse filing.
The offer closed on Tuesday. The conditions for the bid included a minimum acceptance of 75%, in aggregate, of all CZR Shares on issue.
All acceptances under the Fenix bid will be automatically voided, and CZR shareholders who accepted the offer will retain ownership of their shares, per the filing.
CZR shares fell 5% in recent trading on Wednesday, while Fenix's shares fell 2%.
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