Shares in Abra Mining Ltd
(ASX:AII) jumped over 20 per cent yesterday after it unanimously recommended a $57.5 million dollar cash takeover offer from its largest shareholder, China’s Hunan Nonferrous.
Hunan Nonferrous holds a 74.2 per cent stake in the junior minerals explorer and has offered $0.40 per share to acquire all the shares that it does not already own.
Abra says the offer represents an attractive premium and offers its shareholders a certainty of value.
On Monday shares in Abra Mining rose 23.33 per cent to close at $0.37.
In the year to 30 June 2010 Abra Mining booked a net loss of $986,000.
