Takeover target MC Mining gets rival offer from Vulcan Resources
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The news: The board of coal explorer MC Mining says it is evaluating a rival takeover offer from Perth-based miner Vulcan Resources, after rejecting an offer in February.
The numbers: Vulcan has made a non-binding indicative offer of 17 cents to 20 cents a share for Vulcan, valuing the company between $69.34 million and 81.58 million. The company last traded at 14.5 cents.
Last month, MC Mining rejected a 16 cents a share takeover offer from Goldway Capital Investment.
The context: MC Mining said an independent board committee is evaluating the takeover bid from Vulcan, but said there was no certainty a formal offer will eventuate.
The South African-based MC Mining’s projects include the Uitkomst colliery, Makhado project, Vele Colliery and the Greater Soutpansberg in that country.
The source: ASX announcement
