CZR Resources (ASX:CZR) received an unsolicited, confidential, nonbinding, indicative, and conditional proposal from Gold Valley Iron Ore to acquire all CZR shares for a cash consideration of AU$0.31 per CZR share via an on-market takeover bid, according to a Thursday filing on the Australian bourse.
The proposal is conditional upon the termination of a bid implementation agreement with Fenix Resources (ASX:FEX), the execution of financing documentation to fund the proposal, and CZR releasing Gold Valley from its standstill obligations under a confidentiality deed between CZR and
Gold Valley.
Gold Valley reserves the right to change the transaction structure and include any conditions.
The board of CZR concluded that the proposal does not represent a superior offer and continues to recommend the Fenix bid, comprising a consideration of 0.98 Fenix shares for every CZR share held at an implied value of AU$0.30 per share.
Its shares jumped 7% in recent trading on the Australian bourse.
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