Gold miner Dioro Exploration NL
(ASX:DIO) has urged shareholders to reject Avoca Resources Ltd
(ASX:AVO) sweetened takeover offer for the company.
On April 14 Avoca announced its intention to make an off-market bid to acquire all the issued shares in Dioro. Since then the company has amended its offer twice.
Avoca increased its offer for the company from one Avoca share for every 2.82 Dioro shares, to one Avoca share for every 2.4 Dioro shares.
Since making the sweetened offer Avoca says less than one per cent of shareholders have accepted the bid to date.
Dioro says it is in discussions with third parties that may potentially result in an offer to Dioro shareholders superior to the amended offer.
Dioro Exploration has posted net losses in the last three years.
