Mungana Goldmines Limited
(ASX:MUX) says that liquidators have advised share holders not to accept a revised takeover offer from private equity- backed firm Auctus.
Auctus had raised the bid price from 13.5 cents per share to 17 cents per share which values Mungana at $49 million.
The liquidators consider the offer does not represent a fair market value of their investment in Mungana and say they do not intend to accept the offer.
An independent expert had valued Mungana shares at between 24 and 31 cents. Mungana last traded at 17 cents.
Mungana reported net profit of $1.44 million for the half year to end December 2014.
