Evolution Mining Limited (ASX:EVN)
says it has agreed on improved terms for the off-market takeover off of Phoenix Gold Limited (ASX:PXG)
Phoenix had rejected an offer of 6 cents cash and 0.06 Evolution shares earlier this week.
The revised offer is for 6.75 cents cash and 0.06 Evolution shares values the offer at 15.8 cents per Phoenix share, well above the Zijin Mining group offer of 10 cents per share.
The board of Phoenix Gold has unanimously recommended shareholders accept the revised offer in the absence of a superior proposal.
Evolution Mining reported a net profit of $100.11 million for the 2015 financial year.