Gold miner Dioro Exploration NL
(ASX:DIO) has told shareholders to take no action in relation to a new takeover offer from Avoca Resources Ltd
(ASX:AVO).
Last week Avoca announced an offer of 65 cents cash and 0.325 Avoca shares for each Dioro share held, valuing the company at around $115 million.
Dioro is currently the target of a bidding war between Avoca Resources and Ramelius Resources Ltd (ASX:RMS).
Ramelius amended its offer valuing Dioro at around $1.155 a share or $106 million, both Avoca and Ramelius have declared their bids final.
In a statement to the market Dioro says at this stage it advises shareholders take no action in relation to Avoca’s new offer or any document they receive relating to it until they receive formal recommendation in relation to Avoca’s new offer and Ramelius’ amended offer.
Dioro Exploration recorded a loss for fiscal 2009.
