Bid action focus is on resources - Business - Evening Standard
       

Bid action focus is on resources

Aim-listed resources businesses were in the spotlight today after two less-than-conventional takeover approaches emerged in the sector.

Medusa Mining, an Australian miner prospecting for gold in the Philippines, was trying to stare down Hong Kong investment bank Crosby Capital, which it accused of trying to seduce Medusa shareholders on the cheap.

Medusa, valued at £70 million, said an approach by Crosby that priced Medusa's stock at A$1.15 represented only a 21% premium to the shares, which are trading close to 12-month lows.

It said Crosby's approach is "inadequate, opportunistic and highly conditional".

Separately, newly listed AIM takeover vehicle Bramlin said it was behind a bid approach for fellow AIM-listed stock and Russian and Kazakhstan explorer Victoria Oil & Gas.

Bramlin is backed by Kevin Foo, the industry veteran best known for leading Celtic Resources - but who also happens to be the chairman of Victoria.

Bramlin said it is proposing an all-share deal.

Comments

Don't Miss
Rock star: Erin Wasson

Rock star

Erin Wasson is the ultimate anti-supermodel
Maybe it’s because she’s a Londoner … Happy anniversary, Ma’am

Happy anniversary

The monarchy has become stronger and more respected in the past 60 years
Victoria Coren: My obsession with children, five proposals a week and why David and I are no power couple

Victoria Coren

David Mitchell and I are no power couple
The Royal Academy of Arts Summer Exhibition preview party

Summer party

Stars at the The Royal Academy of Arts
London gets ready for the Diamond Jubilee - in pictures

Diamond Jubilee

London gets ready - in pictures
The Glamour Awards - stars turn on the style

Glamour Awards

Stars turn on the style
Duchess of Cambridge is pretty in pink at her first Buckingham Palace garden party

Garden party

Duchess of Cambridge is pretty in pink
FIRST review of Ridley Scott's latest sci-fi blockbuster Prometheus

First review

Is Ridley Scott's Prometheus any good?
Fair-weather goths

Fair-weather goths

The sultry shades of summer darks are coming out of the shadows
Dog save the Queen: Corgis surge in popularity

Dog save the Queen

Corgis surge in popularity