Genesis Minerals has hit another milestone in its takeover of Dacian, acquiring 95.1 per cent voting power.
Genesis has now increased the offer consideration from 0.1685 Genesis shares for every one Dacian share held to 0.1935 Genesis shares.
The offer has been declared best and final, and is scheduled to close at 4pm Perth time on Friday, November 17.
Genesis is urging all Dacian shareholders who have not accepted the offer to accept without delay. Dacian has echoed this urging.
“The independent board committee of Dacian has carefully considered the offer and encourages all Dacian shareholders to accept the offer in the absence of a superior proposal and subject to an independent expert concluding and continuing to conclude that the offer is fair and reasonable,” Dacian independent non-executive chairman Craig McGown said.
The implied value of the improved offer consideration is $0.283 per Dacian share, and a total equity valuation for Dacian of $286 million.
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