Cygnus Metals' (ASX:CY5) AU$232 million acquisition by Central Asia Metals is overall positive for shareholders, providing exposure to a more liquid and cashflow-positive London-listed metals producer, Euroz Hartelys said in a note on Thursday.

Under the deal, existing Central Asia Metals shareholders will own about 70% of the company's enlarged fully diluted issued share capital, while Cygnus shareholders will own the remaining 30%, according to a late Tuesday filing with the Australian bourse.

The investment firm said there is a possibility another bidder could emerge due to recent merger and acquisition activity in the region, which could boost the current takeover price of AU$0.176.

Euroz Hartleys maintained its speculative buy rating and lowered its price target to AU$0.17 from AU$0.53, levelling it with the bid price.