Magnetic Resources (ASX:MAU) said it has lodged a draft scheme booklet with the Australian Securities and Investments Commission (ASIC) and ASX for review, containing an independent expert's report for its proposed scheme of arrangement under which it will be acquired by Genesis Minerals (ASX:GMD), according to a Monday Australian bourse filing.

The company said the scheme booklet is expected to be made available to shareholders in early May, with an updated scheme timetable to be provided following the first court hearing scheduled for April 28.

The company said its board continues to consider the scheme to be in the best interests of shareholders and recommends it be approved at the scheme meeting, in the absence of a superior proposal and subject to the independent expert concluding the scheme remains in shareholders' best interests.