Phoenix Gold Limited (ASX:PXG)
has maintained its unanimous recommendation that its shareholders reject the takeover bid by Evolution Mining.
Evolution is offering 6 cents cash and 0.06 Evolution shares for each Phoenix share.
It has a relevant interest in Phoenix of 41.37 per cent as at 30 October 2015.
Phoenix says it’s focussed on achieving an optimal outcome for its shareholders, and will keep the dialogue open with Evolution.
Phoenix Gold reported a loss of $20.25 million at 30 June 2015.